I am hoping to complete my purchase in Barnstaple next Monday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for mortgage companies 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 UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Barnstaple.
Can you explain why leasehold purchase conveyancing in Barnstaple costs more?
Barnstaple leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We had chosen solicitors located in Barnstaple on the Virgin Money solicitor approved list. They have just invoiced me an additional fee for the legal aspects of the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your property lawyer can levy a fee for this. This fee is not dictated by Virgin Money but by your Barnstaple lawyer. Numerous firms on the Virgin Money panel will levy ’dealing with mortgage’ fee and others do not.
I have decided to exercise my right to buy my property in Barnstaple off the council. I have a mortgage agreed with UBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
I have a mortgage with Principality for my property in Barnstaple. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval before renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel lawyer.
My colleague recommended that if I am buying in Barnstaple I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Barnstaple conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Barnstaple around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Barnstaple Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Barnstaple Education with maps and statistics, Local Amenities and other useful information concerning Barnstaple.
My husband and I are FTB’s - had an offer accepted, but the estate agent advised that the owners will only issue a contract if we appoint their chosen solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Barnstaple
It is improbable the sellers are behind this. If they want ‘a quick sale', taking such a hostile approach to a motivated purchaser is likely to cause more damage than good. Contact the vendors directly and make the point that (a)you are genuine buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you will continue to instruct your preferred Barnstaple conveyancing firm - not the ones that will give the estate agent a introducer fee or hit his conveyancing thresholds pre-set by head office.