I am hoping to move into my new home in Falconwood next Friday. My conveyancer 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 bank. What does the insurance need to cover?
All property lawyers 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 Part 2 instructions. These requirements are not unique to conveyancing in Falconwood.
I require quick conveyancing in Falconwood as I am faced with an ultimatum to sign on the dotted line in less than 4 weeks. Fortunately I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are are a mortgage free buyer you are at liberty not to do searches although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Falconwood the following are instances of issues that can crop up and therefore affect future mortgageability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
It has been 2 months since my purchase conveyancing in Falconwood took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a house in Falconwood in advance of retaining lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend not issue a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Falconwood. Conveyancing will be smoother if you use a solicitor in Falconwood especially if they are familiar with such properties in Falconwood.
When it comes to my conveyancing in Falconwood should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Falconwood conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.