I am hoping to complete my purchase in Sketty next Friday. My solicitor now wants me to supply her with evidence 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 mortgage company expect the insurance 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 Part 2 conditions. These obligations are not unique to conveyancing in Sketty.
I am buying a house and need a conveyancing solicitor in Sketty who is on the Leeds Building Society approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Leeds Building Society in certain locations such as Sketty. We dont recommend any particular firm.
I am the single beneficiary of my late father’s will and I have everything in my name alone, including the my former home in Sketty. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be treated the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. many mortgage companies would take a practical view as this provision is principally there to capture subsales or the wholesaling and assigning of property.
Intending to buy a apartment in Sketty. 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 TSB 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 Sketty conveyancing practitioner is on the TSB conveyancing panel.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Sketty solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Sketty surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
What will a local search tell me concerning the house we're buying in Sketty?
Sketty conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance Searches UK The local search plays an important role in many a Sketty conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Sketty is where the house is located. Can you shed any light on this issue?
Flying freeholds in Sketty are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sketty you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sketty may decide 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 property.