All was ready to complete my purchase in Sidcup next Friday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the lender 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 requirements are not unique to conveyancing in Sidcup.
My bid for a property was accepted at auction in Sidcup. Conveyancing is required. What is next?
Now that you are to in every practical sense signed on the dotted line you now have to hire the services of a conveyancing lawyer quickly as you are facing a pending a fixed date to complete the transaction. Every auction property should have a bespoke legal set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You should give this to the lawyer working for you at the earliest opportunity. Do make sure that your finances are organised to complete the transaction on the set completion date.
My wife and I have organised the release of further funds on our home loan from Santander as we wish to carry out a loft conversion to our property in Sidcup. Are we obliged to choose a nearby Sidcup solicitor on the Santander conveyancing panel to handle the paperwork?
Santander do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander panel.
Nationwide have agreed my mortgage in principle, my bid on a apartment in Sidcup has been accepted, what happens next?
Your estate agent will need to know who your solicitors are (be sure the conveyancers are on the lender’s approved list). Contact Nationwide or your financial adviser and finish off any relevant paperwork. Nationwide will appoint a valuer who will get in touch with the estate agent or seller to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a fortnight to receive the mortgage offer. Nationwide will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Sidcup.
I own a semi-detached Victorian property in Sidcup. Conveyancing practitioner represented me and Britannia. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold with the matching address. Is it worth asking Britannia to clarify?
You need to assess 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 Sidcup and other areas of 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 purchasers. You can also enquire as to the situation with the conveyancing solicitor who completed the work.
How does conveyancing in Sidcup differ for new build properties?
Most buyers of new build or newly converted property in Sidcup approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Sidcup typically purchase the site, 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 conveyancers 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 Sidcup or who has acted in the same development.
I have been recommended by a couple of local estate agents in Sidcup to locate a solicitor on your site. Is there a financial incentive for Estate Agents to promote your lawyers ahead of a competitor’s?
We don’t make any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.