All was ready to complete my purchase in Billingham next Friday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need 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 Part 2 requirements. These requirements are not specific to conveyancing in Billingham.
Do conveyancers request money up-front when it comes to conveyancing in Billingham?
If you are buying a property in Billingham your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Generally this is called for to cover the fees of the conveyancing searches. If any deposit is payable against the sale price then this will be asked for immediately in advance of exchange of contracts. The closing balance that is due will be payable a few days ahead of the completion date.
My grandfather passed away six months ago and as sole heir and executor I was left the property in Billingham. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
If you intend to refinance then Nationwide will require that you use a conveyancer on the Nationwide 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 Nationwide 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 Nationwide mortgage is registered as a charge at the Land Registry.
I completed on my home on 1 January and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Billingham advises it would be recorded inside ten days. Are titles in Billingham particularly slow to register?
There is nothing unique about conveyancing in Billingham registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd parties. As of today approximately three quarters of submission are fully addressed within 12 days but occasionally there can be longer delays. Historically registration is effected once the purchaser has moved in to the property therefore an expedited registration is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Billingham is where the house is located. Can you shed any light on this issue?
Flying freeholds in Billingham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Billingham you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Billingham 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 premises.