I am hoping to move into my new home in Bermondsey next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
Any lawyer 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 requirements. These obligations are not limited to conveyancing in Bermondsey.
Will our lawyer be raising questions concerning flooding during the conveyancing in Bermondsey.
Flooding is a growing risk for lawyers dealing with homes in Bermondsey. Plenty of people will buy a property in Bermondsey, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a various searches that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Bermondsey. The standard completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to find out if the property has historically flooded. If the residence has been flooded in past which is not notified by the vendor, then a buyer may issue a claim for damages as a result of such an incorrect response. The purchaser’s lawyers may also commission an environmental search. This should disclose whether there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Bermondsey is where the house is located. Can you offer any advice?
Flying freeholds in Bermondsey are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bermondsey you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bermondsey may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Taking into account that I will soon spend 450k on a garden flat in Bermondsey I would like to talk to a solicitor about myhouse move before giving the go ahead to the firm. Is this something that you can arrange?
We could not agree more - we would be happy to talk to you we do not take any clients on without you liaising with the solicitor who will be carrying out your conveyancing in Bermondsey.There is no ‘factory style conveyancing’ - every client is an important person, not a case reference. The solicitors that we put you in touch with believe that the fees you are quoted for residential conveyancing in Bermondsey should be the figure that you end up paying.
My husband and I are purchasing a 2 room housein Bermondsey with a mortgage from a mortgage company. We have selected a lawyer in Bermondsey yet our mortgage company says he's not approved on their "panel". It seems we have little choice but to instruct from the our lender panel firms or stay with our Bermondsey solicitor and incur the extra fees for one of their panel ones to represent our mortgage company. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage company home loan issued is subject to its terms and conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. Until recently, most banks had open panels, including almost all conveyancing solicitors in Bermondsey : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your lender.