Due to complete my purchase in Falconwood next Monday. My lawyer now wants me to supply her with evidence 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 risks does the lender expect the insurance 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 requirements. These requirements are not limited to conveyancing in Falconwood.
My Solicitor in Falconwood is not listed on the National Westminster Bank Conveyancing Panel. Is it possible for me to use my family solicitor notwithstanding that they are not on the National Westminster Bank panel?
The limited options available to you here include:
- Complete the purchase with your preferred Falconwood lawyers but National Westminster Bank will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the overall conveyancing charges as well as cause frustration.
- Choose a new practitioner to to deal with the purchase, not forgetting to check they are National Westminster Bank approved.
- Try to convince your National Westminster Bank based solicitor to seek to join the National Westminster Bank panel
Does a directory service exist listing UBS panel conveyancers in Falconwood on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings open the public over the internet. Where you are looking for a Falconwood conveyancer on the UBS please make the most of our facility.
Completion of my remortgage has taken place for my property in Falconwood. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most banks and building societies 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 very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
After shopping around on the internet I have found a Falconwood property lawyer having checked that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Falconwood postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Falconwood.
I am looking for a flat up to £235,500 and found one round the corner in Falconwood I like with amenity areas and station in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Falconwood suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
How straightforward is it to use your search tool to find a conveyancing solicitor in Falconwood on the panel for my mortgage?
Step one is to choose a lender such as Lloyds TSB Bank, Coventry Building Society or Godiva Mortgages Ltd then type in your preferred area a common one being Falconwood. Conveyancing practices in Falconwood and across England and Wales should be listed.