I am hoping to complete my purchase in Broseley next Thursday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance 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 UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Broseley.
My lawyer in Broseley has never been on on the Chelsea Building Society Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are not on the Chelsea Building Society panel of approved conveyancing solicitors?
The limited options open to you here include:
- Complete the purchase with your existing Broseley lawyers but Chelsea Building Society will need to instruct a conveyancer on their panel. This will inevitably rack up the overall conveyancing charges as well as cause frustration.
- Get a new solicitor to act in the purchase, not forgetting to check they are Convince your lawyer to use their best endeavours to join the Chelsea Building Society conveyancing panel
The deeds to my property can not be found. The solicitors who handled the conveyancing in Broseley 5 years ago have long since closed. What are my next steps?
In today’s world there are duplicates made of almost everything, and your solicitor should know exactly where to locate all the relevant paperwork so you may purchase or dispose of your property without any difficulty. If duplicates are not available, your solicitor can put in place insurance or indemnities against future claims on the property.
Due to the advice of my in-laws I had a survey completed on a property in Broseley before appointing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies will refuse to grant a loan on such a house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Broseley. Conveyancing will be smoother if you use a solicitor in Broseley especially if they regularly deal with such properties in Broseley.
Am I best advised to use a Broseley conveyancing lawyer in close proximity to the house I am hoping to buy? An old friend can deal with the legal work however her office is 300kilometers drive away.
The primary upside of using a local Broseley conveyancing firm is that you can pop in to execute documents, hand in your ID and pester them where appropriate. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that should outweigh using an unknown Broseley conveyancing lawyer just because they are local.