I am hoping to move into my new home in Bournemouth next Tuesday. My lawyer 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 lenders 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 unique to conveyancing in Bournemouth.
I am selling my home in Bournemouth. Does my lawyer need to be required to be on the Leeds Building Society conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
I am expecting a DIP from Principality this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Principality recommend any Bournemouth solicitors on the Principality conveyancing panel, or is it better to go independently?
You will need to appoint Bournemouth solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
The mortgage over my property is with Yorkshire BS for my property in Bournemouth. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention before renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS 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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel lawyer.
My sealed bid on a detached house in Bournemouth has been agreed to, but there is a chain. The owners have put an offer on a property, but it’s not yet tied up, and have viewings of other apartments booked. I have instructed a bricks and mortar conveyancing solicitor in Bournemouth. What do I do now? At what point do I apply for the mortgage with Bank of Ireland?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Bournemouth conveyancing search charges, etc). The first course of action is to ensure that your property lawyer is on the Bank of Ireland conveyancing panel. Regarding the subsequent phase this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. During a hot market some buyers would apply for a home loan with Bank of Ireland and arrange for the valuation and only if it comes back ok would they pay their conveyancer to move forward with the conveyancing in Bournemouth.
Due to the encouragement of my in-laws I had a survey completed on a property in Bournemouth ahead of retaining solicitors. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some banks will refuse to issue a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bournemouth. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm going to purchase a flat very soon in Bournemouth. I will need a Bournemouth conveyancing solicitor. The family lawyer is located in Jersey and unable to assist.Is it possible for you to suggest a trustworthy Bournemouth conveyancer that would act for us as well as represent Santander?
The purpose of this site is limited to being a directory service for lawyers who wish to be listed as being on the approved conveyancing panel for Santander in certain locations for example Bournemouth . We dont recommend any particular conveyancing practitioner.