All was ready to complete my purchase in Marlow next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance 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 obligations are not limited to conveyancing in Marlow.
Having sold my house in Marlow last January yet the purchaser is texting every few hours complaining that his lawyer needs to hear from mylawyer. What are the post completion sale formalities following completion?
After completion of your house sale your lawyer should forward the transfer documentation and all additional paperwork to the purchaser's conveyancer. If applicable, your lawyer should also evidence that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There is unlikely to be post completion tasks just for conveyancing in Marlow.
Are there restrictive covenants that are commonly picked up during conveyancing in Marlow?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Marlow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Marlow differ for new build properties?
Most buyers of new build residence in Marlow approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Marlow tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Marlow or who has acted in the same development.
I have been sourcing a conveyancing practitioner in Marlow for my house move. Is it possible to see a solicitor's record with the legal regulator?
Members of the public can find documented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. For records Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator could recorded call for training reasons.