I am obtaining a mortgage offer from Nat West. I would like to employ the services of a Licensed Conveyancer in Shefford. Does the Nat West Solicitor panel allow for conveyancers regulated by the CLC?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
All was ready to complete my purchase in Shefford 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 lender. What risks does the lender expect the insurance 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 unique to conveyancing in Shefford.
Why do I have to pay up front for conveyancing in Shefford?
Where you are retaining lawyers for conveyancing in Shefford your solicitor will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the purchase price then this will be needed immediately before contracts are exchanged. The final balance that is needed will be payable shortly before completion.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Shefford is where the house is located. Is there any guidance you can give?
Flying freeholds in Shefford are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shefford you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shefford may determine 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.
What does commercial conveyancing in Shefford cover?
Non domestic conveyancing in Shefford incorporates a wide range of advice, offered by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.