All was ready to move into my new home in Kensington next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the bank expect the insurance to cover?
Any lawyer 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 conditions. These obligations are not unique to conveyancing in Kensington.
When looking at consumer advice sites for a conveyancing lawyer in Kensington, most comment that I should instruct a CQS kitemarked solicitor. Can you explain what CQS is?
Kensington Conveyancing Quality Scheme practices have achieved certification under the Law Society's Scheme (CQS) The Law Society created CQS to promote high standards in the home buying process. CQS helps house movers to recognise solicitor firms who provide a quality residential conveyancing. Kensington is one of the many areas in England and Wales in which CQS have offices. The scheme requires solicitors to undergo a strict assessment, compulsory training, self-reporting, spot checks and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
I have a mortgage with Bank of Ireland for my property in Kensington. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
You must advise Bank of Ireland before renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel firm.
I can not fathom if my bank requires a lease extension. I have called into my local Kensington bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Kensington conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I have no idea who is right.
Your conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two requirements for your 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.
At last I have had an offer on an apartment in Kensington agreed to, the sellers do however have an associated purchase. The owners have offered on a flat, but it’s not been accepted yet, and have viewings of other flats booked. I have chosen a nearby conveyancing solicitor in Kensington. What should be my next step? When do I get the mortgage application with Barclays going?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then valuation, Kensington conveyancing search charges, etc). The first course of action is to check that your solicitor is on the Barclays conveyancing panel. Concerning the subsequent phase this very much depends on the uniqueness of your transaction, attraction to this property and on the state of the market. In a rising market the majority of buyers would apply for a home loan with Barclays and arrange for the valuation and only if it comes back ok would they pay their property lawyer to move forward with searches.
I have justdiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Kensington for a purchase of a freehold house 12 months ago. How can I establish that my home is registered correctly in the name of the previous owner?
The quickest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kensington conveyancing specialists.
I need to find a conveyancing solicitor for some conveyancing in Kensington. I have land on a site which looks to be the ideal solution If it is possible to get all the legals completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?