Due to complete my purchase in Hindhead next Friday. My property 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 mortgage company. What does the insurance need to cover?
Any lawyer 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 Part 2 instructions. These requirements are not specific to conveyancing in Hindhead.
We're in Hindhead, First timers purchasing with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Have completed on a a semi-detached house in Hindhead , how long will it take for the Land Registry to register my ownership? My Hindhead conveyancing solicitor works at snail pace, so I want to be certain that my purchase is recorded.
As far as conveyancing in Hindhead registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can differ subject to the party submitting the application, whether there are errors and whether the Land registry communicate with any other persons or bodies. Currently approximately three quarters of such applications are completed in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place once the buyer is living at the premises thus an expedited registration is not always top priority yet where it is urgent that the the registration takes place urgently then you or your lawyers must contact the land registry and explain the circumstances.
How does conveyancing in Hindhead differ for new build properties?
Most buyers of new build or newly converted property in Hindhead come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Hindhead tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hindhead or who has acted in the same development.
I opted to have a survey done on a house in Hindhead in advance of instructing lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some banks will not grant a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hindhead. Conveyancing will be smoother if you use a solicitor in Hindhead especially if they are acquainted with such properties in Hindhead.