I am hoping to complete my purchase in Abertillery next Friday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not unique to conveyancing in Abertillery.
It is 10 years ago since I acquired my property in Abertillery. Conveyancing solicitors have now been instructed on the sale but I can't find my title deeds. Is this a major issue?
Don’t worry too much. First there is a chance that the deeds will be with your mortgage company or they could still be with the conveyancers who oversaw your purchase. Secondly in most cases the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Most conveyancing in Abertillery involves registered property but in the unlikely event that your home is unregistered it is more of a problem but is not insurmountable.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Abertillery. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Skipton will require that you use a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
How does conveyancing in Abertillery differ for newly converted properties?
Most buyers of new build premises in Abertillery approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Abertillery typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Abertillery or who has acted in the same development.
Do I have to have a meeting at the offices of the mortgage company conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Abertillery as it will be easier to pop in to their offices if required.
Most conveyancing panel lawyers for the bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Abertillery. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.