All was ready to move into my new home in Ely next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank expect the insurance 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 conditions. These requirements are not unique to conveyancing in Ely.
Why do I have to pay up front for my conveyancing in Ely?
Where you are retaining lawyers for conveyancing in Ely your lawyer will request that you to provide them with funds to cover the search fees. Ordinarily this is called for to cover the fees of the Local Authority Search. If any down payment is payable against the purchase price then this will be needed immediately before exchange of contracts. Any further balance that is needed should be transferred a few days ahead of the day of completion.
What does a local search reveal regarding the property we're purchasing in Ely?
Ely conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search is essential in every Ely conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Ely?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ely. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am using a search engine for the words conveyancing in Ely it reveals many property lawyersin the vicinity. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The best way of choosing a suitable conveyancer is through a personal referral, so seek the opinion of colleagues and relatives who have acquired a property in Ely or a respected estate agent or mortgage broker. Charges for conveyancing in Ely differ, so it's advisable to secure at least three fee calculations from different conveyancers. Dont forget to clarify what costs in the quote includes.