I am hoping to move into my new home in Chadwell Heath next Monday. My property lawyer 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 lender. What does the insurance need to cover?
Any lawyer 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 specific to conveyancing in Chadwell Heath.
Should my lawyer be raising questions concerning flooding as part of the conveyancing in Chadwell Heath.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Chadwell Heath. There are those who acquire a property in Chadwell Heath, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate 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 qualified to give advice on flood risk, however there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Chadwell Heath. The conventional set of property information forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out if the premises has suffered from flooding. If the premises has been flooded in past which is not disclosed by the owner, then a buyer could commence a claim for damages as a result of such an incorrect answer. A buyer’s lawyers will also carry out an enviro search. This will reveal whether there is a recorded flood risk. If so, additional inquiries should be initiated.
I am purchasing my first flat in Chadwell Heath with a loan from National Westminster Bank. The builders would not budge the price so I negotiated £7000 of additionals instead. The house builders rep advised me not reveal to my solicitor about this extras as it will impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I was advised by a few property agents in Chadwell Heath to choose a solicitor on your site. What’s the financial inducement for Estate Agents to recommend your services over and above a competitor’s?
We refuse to give any referral fee for directing people our way. We thought it would be too underhand a fee as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I need to appoint a conveyancing solicitor for sale conveyancing in Chadwell Heath. I happened to land on a site which seems to have the perfect solution If it is possible to get all formalities completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?