All was ready to complete my purchase in Holloway next Thursday. 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 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 Part 2 conditions. These obligations are not limited to conveyancing in Holloway.
Are all Holloway Conveyancing Quality Solicitors on the Kent Reliance conveyancing panel?
A selection of banks and building societies now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Holloway bank branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Holloway conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend based on their specific requirements. Who do I believe?
As long as the solicitor is on the mortgage company approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After much negotiation I have agreed a price on an apartment in Holloway. My mortgage broker suggested a conveyancer. I paid an on account payment of £150. Soon after, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial property in Holloway?
Many commercial conveyancing solicitors in Holloway will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Holloway. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Holloway.
For every commercial conveyancing transaction in Holloway it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Holloway commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Holloway.
three months have elapsed since my purchase conveyancing in Holloway concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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.
I opted to have a survey completed on a house in Holloway prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies tend not grant a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you call us we can investigate further 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 Holloway. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Holloway to see if the conveyancing will be more expensive.