I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Bournemouth. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/7/2019, the requirements read as follows :
Will our solicitor be raising questions about flooding as part of the conveyancing in Bournemouth.
Flooding is a growing risk for conveyancers dealing with homes in Bournemouth. Some people will purchase a house in Bournemouth, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a various checks that may be carried out by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Bournemouth. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to find out if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may bring a compensation claim as a result of such an misleading response. A buyer’s solicitors will also carry out an enviro search. This will reveal if there is any known flood risk. If so, additional investigations should be conducted.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Bournemouth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Bournemouth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bournemouth you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bournemouth may decide 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 property.
My cousin has encouraged me to use his conveyancing solicitors in Bournemouth. Do I follow his guidance?
There are no two ways about it the ideal way to choose a conveyancing lawyer is to have feedback from friends or family who have used the firm that you are contemplating using.
Do online conveyancing organisations cover everything a high street Bournemouth solicitor does or do I still need to retain a solicitor for the final stages for my conveyancing in Bournemouth?
Where you instruct an online conveyancer they will cover all the tasks your Bournemouth solicitor will cover.