Due to move into my new home in Lyme Regis next Tuesday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property 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?
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 instructions. These requirements are not unique to conveyancing in Lyme Regis.
We wanted to use a conveyancing solicitor in Lyme Regis for our house purchase. Our financial adviser informed us that our mortgage company Virgin Money won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Lyme Regis conveyancing firms would have been on most lender panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms about their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of conveyancing. Many Lyme Regis conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Lyme Regis is one of the numerous areas where the lawyers we recommend are are approved Virgin Money.
I am helping my mother sell her property in Lyme Regis. Will the conveyancer commission the energy performance certificate or do I organise this?
After the demise of HIPs, EPC’s was left as a compulsory component of moving property. An energy assessment should be commissioned in advance of the property being advertised. This is not something that law firms normally organise. If you are using a Lyme Regis conveyancing lawyer they may be willing to arrange EPC’s given their relationships with long established Lyme Regis providers
We are aiming to move home in November. Will my conveyancing solicitor liaise with the removal company on the completion day. On a separate note, can you recommend a removal company in Lyme Regis. Conveyancing firm was organised prior to coming across your website.
On the afternoon of completion you will need to collect the house keys from the estate agent however this can only be done when the previous owners conveyancers advise the agent that they acknowledge receipt of the completion payment and the keys can be passed over. You can inform the removal men that you are ready to move in. As a matter of policy we do not suggest a particular removal organisation but can assist you in finding a conveyancing in Lyme Regis or a legal practice that specialises in conveyancing in Lyme Regis.
Our offer on a semi in Lyme Regis has been accepted, but there is a chain. The sellers have placed an offer on a flat, however it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a nearby conveyancing solicitor in Lyme Regis. What do I do now? When do I get the mortgage application with Virgin Money started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, Lyme Regis conveyancing search costs, etc). First, you should ensure that your lawyer is on the Virgin Money conveyancing panel. As to the next steps this very much dictated by the specifics of your transaction, motivation for the property and on the state of the market. In a hot market some home buyers would apply for the mortgage with Virgin Money and arrange for the valuation and only if it was satisfactory would they pay their lawyer to proceed with the conveyancing in Lyme Regis.
I have been told that property searches are the main reason for hinderance in Lyme Regis house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Lyme Regis.
Have completed on a a terraced house in Lyme Regis , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Lyme Regis conveyancing solicitor works at snail pace, so I want to be certain the registration is addressed.
As far as conveyancing in Lyme Regis registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether it is in order and whether the Land registry must send notices to any other persons or bodies. At present roughly 80% of such applications are completed within two weeks but occasionally there can be extensive hold-ups. Registration takes place once the new owner has moved in to the premises thus an expedited registration is not always primary concern but where it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.