All was ready to move into my new home in Southwell 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 lender. What does the insurance need 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 UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Southwell.
Can you explain why leasehold purchase conveyancing in Southwell costs more?
In short, leasehold conveyancing in Southwell and Nottinghamshire usually necessitates more hours of investigation compared to freehold transactions. This includes lease investigation, liaising with the landlord about serving required notices, securing current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first granted.
I used Stirling Law a few years ago for my conveyancing in Southwell. Now, I need my files but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Southwell of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the guidance of my in-laws I had a survey completed on a property in Southwell ahead of retaining lawyers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some lenders may refuse to give a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate 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 Southwell. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are purchasing a 2 bedroom flat in Southwell. When we first instructed solicitor, we were told they were on all mainstream lender panels. The mortgage broker contacted us yesterday to say that they don't appear to be on the HSBC approved list. Were it to be true, what should we do? Should we simply find a different lawyer that is on their approved list or should we cover the costs for dual representation, with HSBC appointing their own approved solicitor.
If you are buying a property with the assistance of a mortgage it is conventional for the buyer’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to satisfy. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact HSBC to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on HSBC's conveyancing panel as you are at liberty to use your preferred Southwell lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.