Due to complete my purchase in Dudley next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for banks 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 conditions. These obligations are not unique to conveyancing in Dudley.
Finally the sale completed on my house in Dudley last October yet the purchaser is telephoning me to moan that his conveyancer is waiting to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
After completion of your disposal your lawyer should forward the transfer deeds and all of the paperwork to the buyer’s conveyancer. Where appropriate, your solicitor should also confirm that the mortgage has been repaid to the purchasers conveyancers. There is unlikely to be post completion steps just for conveyancing in Dudley.
A friend advised me that in purchasing a property in Dudley there could be a number of restrictions preventing external alterations to the property. Is this right?
There are a number of properties in Dudley which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Dudley should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
It is not clear whether my lender requires a lease extension. I have called into my local Dudley building society branch on numerous occasions and was told it wasn't a problem and they will lend. My Dudley conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the solicitor is on the lender panel, they must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have finally had an offer on an apartment in Dudley accepted, the vendors do nevertheless have an associated purchase. The vendors have offered on somewhere, but it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have instructed a local conveyancing solicitor in Dudley. What should be my next step? When do I get the mortgage application with Virgin Money going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then valuation, Dudley conveyancing search costs, etc). First, you should ensure that your conveyancing practitioner is on the Virgin Money conveyancing panel. As to the subsequent phase this very much depends on the specifics of your case, motivation for the property and on the state of the market. In a rising market some home buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they ask their conveyancer to move forward with searches.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Dudley is the location of the property. Can you offer any advice?
Flying freeholds in Dudley 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 Dudley you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dudley 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 husband and I are one month into a residential purchase having been recommend to conveyancers by the estate agent to do our conveyancing in Dudley. I am am very disappointed with the quality of service. Could you you assist me in finding new lawyers?
They would need to be really poor to suggest changing them. Has your mortgage been sent? In the event that it has you must inform them of the replacement solicitor and have the mortgage documents are re-sent. The conveyancer needs to be on the lenders approved list to avoid added costs and complications. So that should be your starting point. Our search tool will assist you in finding a bank approved lawyer for your home move in Dudley