I am hoping to complete my purchase in Ruthin next Tuesday. 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 bank. What does the insurance need 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 Part 2 requirements. These requirements are not specific to conveyancing in Ruthin.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would prefer to instruct a Ruthin based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel solicitors should you accept the "fee-free" offer. Contact the lender and check if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Ruthin.
We are buying a house in Ruthin. It might be a silly question but how we can trust a lawyer? At some point we will need to send money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We had instructed conveyancers based in Ruthin on the Virgin Money solicitor approved list. They have just invoiced me an additional fee for handling the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancing practitioner may levy a fee for this. The charge is not set by Virgin Money but by your Ruthin solicitor. Numerous firms on the Virgin Money panel will levy ’dealing with mortgage’ fee but plenty of practices include it on their overall fee.
I am purchasing a property in Ruthin. A rare aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Nottingham your lawyer must comply with the formal requirements contained in Section two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Nottingham where a lease fails to comply with these specifications. The specifications relate to the installation of panels on properties countrywide and is not limited to Ruthin.
Just had an offer accepted on a new build apartment in Ruthin. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Ruthin
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Should I be wary that 3rd parties that I am dealing with are recommending a factory type conveyancing firm rather than a local Ruthin conveyancing practice?
As with many service providers, often suggestions from connections can be very helpful. Yet there are numerous players in a conveyancing deal; estate agents, financial adviser and mortgage companies may suggest conveyancers to instruct. On occasion these solicitors might be known to one of the organisations as experts in their field, but sometimes there may be a commercial relationship behind the recommendation. You are at liberty to choose your own conveyancer. Don't forget that many mortgage providers specify a panel list of solicitors you must use for the mortgage aspect of your house move.