I am hoping to move into my new home in Papworth Everard 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 mortgage company. What risks does the mortgage company expect the insurance 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 requirements. These requirements are not limited to conveyancing in Papworth Everard.
In what way does my ID and proof of funds have anything to do with my conveyancing in Papworth Everard? What am I being asked for?
Papworth Everard conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no older than three months).
Evidence of source of monies is also necessary in compliance with the money laundering laws as lawyers are duty bound to check that the money you are using to acquire a property (whether it be the deposit for exchange or the total purchase amount where you are a cash purchaser) has come from an acceptable source (such as an inheritance) as opposed to the product of criminal activity.
Should my lawyer be making enquiries about flooding during the conveyancing in Papworth Everard.
Flooding is a growing risk for conveyancers carrying out conveyancing in Papworth Everard. There are those who buy a property in Papworth Everard, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of checks that may be undertaken by the buyer or by their conveyancers which will figure out the risks in Papworth Everard. The conventional set of information supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to find out whether the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser may commence a claim for damages stemming from an incorrect reply. A buyer’s solicitors should also conduct an environmental report. This should indicate whether there is any known flood risk. If so, further inquiries should be made.
Due to the advice of my in-laws I had a survey completed on a house in Papworth Everard before instructing solicitors. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks may refuse to give a mortgage on this type of home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Papworth Everard. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be suspicious about estate agents that I am dealing with are suggesting a web based conveyancing firm rather than a High Street Papworth Everard conveyancing company?
As with lots of professional services, often recommendations from family and friends can be extremely useful or valuable. Yet there are many players in a conveyancing transaction; estate agents, financial adviser and banks may recommend conveyancers to instruct. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the recommendation. You are at liberty to appoint your own lawyer. However, bear in mind that some lenders specify a panel list of conveyancers you are obliged to use for the mortgage aspect of your house move.