I am hoping to move into my new home in Garforth next Monday. My conveyancer 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 risks does the mortgage company 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 conditions. These obligations are not limited to conveyancing in Garforth.
We note that you have a search directory identifying law firms on the Nottingham conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Garforth?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Garforth.
The Garforth conveyancing solicitors that I appointed last week on my purchase in Garforth have without warning shut down. I only went with them because I needed a solicitor on the Nationwide conveyancing panel and my previous Garforth lawyer was not. I issued them a cheque for two hundred pounds in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nationwide conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
The deeds to my property are lost. The solicitors who conducted the conveyancing in Garforth 10 years ago have long since closed. What are my next steps?
As long as you have a registered title the details of your ownership will be documented by HMLR under a Title Number. It is possible to perform a search at the Land Registry, find your property and secure up to date copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will in most cases hold a file duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
My conveyancers in Garforth have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.