I am hoping to complete my purchase in Gainsborough next Monday. My lawyer now wants me to supply her with proof 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?
Any lawyer 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Gainsborough.
I am helping my sister sell her house in Gainsborough. Does the solicitor commission an EPC or it is for the seller to coordinate?
Following the abolition of Home Packs, energy assessments was retained a mandatory component of moving property. An EPC must be to hand before the property is advertised. This is not as aspect of the sale process that law firms normally organise. If you are using a Gainsborough conveyancing solicitor they may be able to arrange energy performance certificates given their relationships with long established local accredited person
We had selected conveyancers based in Gainsborough on the HSBC solicitor panel. They have just billed me a further amount for dealing with the HSBC mortgage. Is this an additional conveyancing fee specified by HSBC?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your lawyer may charge a fee for this. This fee is not dictated by HSBC but by your Gainsborough conveyancer. Plenty of firms on the HSBC panel will quote an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
We have agreed to purchase a house in Gainsborough. An unusual aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Bank of Ireland your lawyer must follow the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Bank of Ireland where a lease does not comply with these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Gainsborough.
Should my lawyer be asking questions concerning flooding during the conveyancing in Gainsborough.
The risk of flooding is if increasing concern for solicitors dealing with homes in Gainsborough. Plenty of people will acquire a house in Gainsborough, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a various searches that can be undertaken by the purchaser or by their conveyancers which will figure out the risks in Gainsborough. The conventional set of property information forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to discover whether the property has historically flooded. In the event that flooding has previously occurred and is not notified by the seller, then a buyer could bring a compensation claim as a result of such an incorrect response. A buyer’s lawyers should also order an environmental search. This will reveal whether there is any known flood risk. If so, further inquiries should be initiated.
I am buying a new build flat in Gainsborough. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Gainsborough
Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been pointed in your direction by numerous property agents in Gainsborough to choose a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to offer your services over and above another?
We refuse to make any financial incentive for directing people in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.