I am hoping to move into my new home in North London next Tuesday. 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 risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 conditions. These obligations are not specific to conveyancing in North London.
I can see plenty of information on this site about conveyancing in North London but can you isolate your top tip for selecting the right conveyancer in North London
We would encourage you not to base your choice on the lowest North London conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in North London?
There are many recorded licenced Conveyancers in North London and Solicitor firms in North London who can help with your conveyancing We would stress that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. They may both also deal with associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Virgin Money have agreed my mortgage in principle, my offer on a apartment in North London has been accepted, what are the next steps?
The property agent will need to be advised as to your property lawyer's details (ensure that the lawyers are on the bank’s approved list). Call up Virgin Money or your broker and complete any relevant documentation. Virgin Money will appoint a valuer who will get in touch with the estate agent or owners to schedule a time for the valuation to take place. Once conducted (assuming no problems) it takes approximately a week to receive the mortgage offer. Virgin Money will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in North London.
I am buying my first flat in North London with the aid of help to buy. The developers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative told me not reveal to my solicitor about this side-deal as it may affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 do I identify a North London solicitor on the The Royal Bank of Scotland conveyancing panel? I have wheels and am happy to travel upto 10kilometers to meet the conveyancer.
Feel free to make use of the tool on this website. Please pick a mortgage company and your location and you will see a number of North London conveyancing lawyers based on proximity. We have detailed some North London conveyancing firms towards the end of this page and you can telephone them to check whether they are on the The Royal Bank of Scotland approved list
I have been advised by numerous family members that it should take 6-8 weeks for North London conveyancing to complete.This was four weeks ago. The paperwork was only sent to my property lawyer yesterday so now does it countdown?
You should not count on moving on a specific date until contracts are exchanged. Regardless of the assurances the people you are buying from or selling to make, or your solicitor makes don't rely on them. More frustration is caused to buyers and sellers by false promises than anything else.