I am hoping to move into my new home in Pevensey next Thursday. 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 bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for banks 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 requirements. These obligations are not specific to conveyancing in Pevensey.
What does my ID and proof of funds have anything to do with my conveyancing in Pevensey? Is this really warranted?
It is indeed that case that these requests have nothing to do with conveyancing in Pevensey. However these days you can not proceed with any conveyancing process if you have not supplying proof of your identity. This usually takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are supplying your driving licence as proof of identification it needs to be both the paper element and photo card part, one is not sufficient in the absence of the other.
Verification of your origin of money is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer will need to have this information on record. Your Pevensey conveyancing solicitor will require evidence of proof of funds prior to accepting any money from you into their client account and they will also ask further queries concerning the origin of funds.
I have todayfound out that Wolstenholmes have closed. They carried out my conveyancing in Pevensey for a purchase of a leasehold apartment 12 months ago. How can I check that my home is in my name in the name of the previous owner?
The quickest method to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Pevensey conveyancing specialists.
How does conveyancing in Pevensey differ for newly converted properties?
Most buyers of new build or newly converted property in Pevensey come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Pevensey usually 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 conveyancing solicitors 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 accustomed to new build conveyancing in Pevensey or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Pevensey is the location of the property. Can you offer any guidance?
Flying freeholds in Pevensey are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Pevensey you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pevensey may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.