All was ready to move into my new home in East Barnet next Tuesday. My solicitor now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
All property lawyers on acting for mortgage companies 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 instructions. These obligations are not unique to conveyancing in East Barnet.
Is there a reason why leasehold purchase conveyancing in East Barnet costs more?
East Barnet leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in East Barnet?
There are many registered licenced Conveyancers in East Barnet and Solicitor practices in East Barnet to choose from It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. The two can conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
My wife and I are in the throws of viewing apartments in East Barnet and I am now considering a potential offer. Is it advisable to have my lawyer on ‘stand by’? I am planning to take a mortgage with Coventry BS.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are getting a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
Completion of my remortgage has taken place for my property in East Barnet. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have been pointed in your direction by two or three local property agents in East Barnet to find a conveyancer on your site. Is there a financial advantage for Estate Agents to market your services ahead of alternative conveyancing organisations?
We don’t offer any commission for sending work our way. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My wife and I are acquiring a first floor flat in East Barnet. When we first instructed property lawyer, they said that they were on all mainstream mortgage company panels. The financial adviser contacted us just now to advise that they are not on the Bank of Ireland approved list. Were it to be true, what should we do? Do we just choose a different lawyer that is on their panel or do we pay for dual representation, with Bank of Ireland appointing their own approved conveyancer.
If you are acquiring a property requiring a mortgage it is normal for the buyer’s lawyers to also act for the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to meet. Some building societies now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should call Bank of Ireland to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Bank of Ireland's conveyancing panel as you are at liberty to use your preferred East Barnet lawyers, in which case it will likely add costs, and it may delay matters as you are adding another solicitor into the mix.