I am hoping to move into my new home in Kingsbury 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 lender. What does the insurance need 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 UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Kingsbury.
We are purchasing a apartment in Kingsbury. I might seem paranoid but how we can trust a lawyer? At some point we will need to send funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Nottingham, do Kingsbury conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I'm spending time viewing apartments in Kingsbury and I am about to put in an offer. Should I already have a lawyer appointed at this stage? I am planning to take a mortgage with Skipton.
It would be wise to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are obtaining a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
I have recentlybeen informed that Stirling Law have been shut down. They carried out my conveyancing in Kingsbury for a purchase of a leasehold flat 9 months ago. How can I check that the property is registered correctly in the name of the previous owner?
The easiest method to check if the property is registered to you, you can carry out 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 Kingsbury conveyancing specialists.
How does the Landlord & Tenant Act 1954 affect my business premises in Kingsbury and how can your lawyers assist?
The particular law that you refer to provides a safeguard to business leaseholders, granting the a statutory right to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Kingsbury is one of the hundreds of areas of the UK in which the firms we work with are located
Our solicitor in Kingsbury has uncovered a a legal deficiency with the lease for the property we are buying in Kingsbury. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.