Due to move into my new home in Shrewsbury next Friday. 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 bank expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 conditions. These requirements are not specific to conveyancing in Shrewsbury.
What does my ID and proof of funds have anything to do with my conveyancing in Shrewsbury? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing retainer. The Client Care letter that you need to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to provide identification documents, your conveyancer would not be able to act for you.
I have been told that property searches are the primary cause of stalling in Shrewsbury conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Shrewsbury.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Shrewsbury?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Shrewsbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Do online conveyancing organisations cover everything a high street Shrewsbury solicitor does or do I still need to employ a solicitor for the final stages for my conveyancing in Shrewsbury?
Where you choose an online conveyancer they will undertake all the tasks your Shrewsbury solicitor will cover.