I am hoping to complete my purchase in Shenstone 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 mortgage company. What does the insurance need to cover?
All property lawyers 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 UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Shenstone.
We were going to get a OIP from Santander this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Shenstone solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Shenstone solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Shenstone building society branch on various occasions and was informed it wasn't an issue and they will lend. My Shenstone conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. Who do I believe?
As long as the solicitor is on the bank panel, they must comply with the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Intending to buy a maisonette in Shenstone. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shenstone conveyancing practitioner is on the Kent Reliance conveyancing panel.
I need some fast conveyancing in Shenstone as I have pressure to sign on the dotted line inside 2 weeks. Luckily I do not require a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not taking a mortgage you have the choice not to have searches carried out although no lawyer would suggest that you don't. With plenty of history conveyancing in Shenstone the following are instances of issues that can show up and therefore impact future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Unadopted Roads,...
My wife and I own a terraced Edwardian property in Shenstone. Conveyancing practitioner acted for me and Skipton Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the matching property. Is it worth asking Skipton Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shenstone and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing practitioner who conducted the purchase.
Due to the input of my in-laws I had a survey completed on a property in Shenstone in advance of appointing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shenstone. Conveyancing may be slightly more expensive based on your lender's requirements.