All was ready to complete my purchase in Kings Norton next Monday. 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 mortgage company. What does the insurance need to cover?
All property lawyers 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 UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Kings Norton.
Should our solicitor be asking questions concerning flooding as part of the conveyancing in Kings Norton.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Kings Norton. Plenty of people will purchase a property in Kings Norton, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a various searches that can be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Kings Norton. The conventional set of completed inquiry forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to find out whether the property has ever been flooded. In the event that the premises has been flooded in past and is not notified by the owner, then a buyer may bring a legal claim for losses stemming from an misleading reply. The buyer’s lawyers may also commission an enviro report. This will reveal if there is a recorded flood risk. If so, further investigations will need to be made.
I purchased a 4 bedroom Victorian house in Kings Norton. Conveyancing solicitor acted for me and Nationwide Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kings Norton and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing lawyer who conducted the conveyancing.
I'm purchasing a new build house in Kings Norton with a mortgage from The Royal Bank of Scotland. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not reveal to my solicitor about this extras as it would adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How difficult is it to change solicitor as I need to find one who is on the Yorkshire Building Society conveyancing panel. I had appointed a family conveyancing solicitor in Kings Norton round the corner but he is not approved by Yorkshire Building Society
We will our best to assist in finding you a conveyancing solicitor in Kings Norton on the Yorkshire Building Society panel. Please note that the property lawyers that we work with do not pay us commission if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Kings Norton. Using search facility on this page, you can compare costs for conveyancing solicitors in Kings Norton and beyond.