All was ready to move into my new home in Olney next Thursday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need 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 Part 2 conditions. These requirements are not specific to conveyancing in Olney.
In what way does my ID and proof of funds have anything to do with my conveyancing in Olney? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Olney. However these days you will not be able to complete any conveyancing deal in the absence handing over evidence of your identity. This usually takes the form of a either your passport or driving licence plus a utility bill. Please note that if you are providing your driving licence as proof of ID it needs to be both the paper section and photo card part, one is not sufficient in the absence of the other.
Verification of the source of funds is required in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer will need to retain this information on record. Your Olney conveyancing solicitor will require evidence of proof of funds before they are able to accept any monies from you into their client account and they should also ask further questions concerning the origin of funds.
My conveyancer has informed me that defective lease insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Olney?
The right level of defective lease indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
Is it the case that all Olney solicitor firms on the Clydesdale conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Clydesdale conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel and in that case the firms would be regulated by the Council of Licensed Conveyancers.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a Olney conveyancing practitioner on the Yorkshire BS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
What does a local search inform me concerning the house we're purchasing in Olney?
Olney conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example Searchflow The local search plays an important role in many a Olney conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
My husband and I are 17 days into a freehold purchase having been referred to a firm by the local agent to handle our conveyancing in Olney. I am am very disappointed with the level of service. Could you you assist me in finding new conveyancers?
They would need to be very poor to suggest diss instructing them. Has the mortgage been generated? If so you need to advise them of the new contact details and get the loan are re-sent. Your conveyancer should be on the mortgage company panel to avoid escalating fees and delays. So that should be your first question of the new solicitors. Our find a solicitor tool will assist you in finding a lender approved lawyer for your home move in Olney