All was ready to move into my new home in Stechford 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?
Any lawyer 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 conditions. These obligations are not specific to conveyancing in Stechford.
Can you point me to a directory of Bank of Ireland panel solicitors in Stechford on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings available on the web. Where you are seeking to appoint a Stechford lawyer on the Bank of Ireland please use our tool.
My wife and I are in the process of viewing flats in Stechford and I am now considering a potential offer. Is it too early to have a solicitor in place? I am planning to take a mortgage with Barclays.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are getting a mortgage with Barclays, ask your prospective lawyers if they are on the Barclays conveyancing panel otherwise they can't do the mortgage legal work.
Nationwide have agreed my home loan in principle, my bid on a property in Stechford has been agreed to, what are the next steps?
The estate agent will wish to know who your solicitors are (make sure the solicitors are on the bank’s approved list). Contact Nationwide or the financial adviser and complete any appropriate paperwork. Nationwide will appoint a valuer who will get in touch with the estate agent or vendor to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes approximately ten days to get a mortgage offer. Nationwide will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Stechford.
Will my solicitor be raising questions about flooding as part of the conveyancing in Stechford.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Stechford. Plenty of people will acquire a property in Stechford, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a numerous searches that can be undertaken by the buyer or by their conveyancers which will give them a better appreciation of the risks in Stechford. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to find out whether the premises has historically flooded. If flooding has previously occurred which is not revealed by the owner, then a buyer could bring a legal claim for losses as a result of such an inaccurate answer. The buyer’s lawyers may also commission an environmental report. This will indicate if there is a recorded flood risk. If so, additional inquiries should be conducted.
Are there restrictive covenants that are commonly identified as part of conveyancing in Stechford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Stechford. 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…’
My friend mentioned that before selecting a conveyancing lawyer they need approved by your bank. This is my first house move but I have an AIP via HSBC and I already have a local conveyancing lawyer in Stechford in place. Can Birmingham Midhshires need an approved conveyancer to be selected? If so, where do I find that list for my conveyancing in Stechford?
You should choose a solicitor that is on the Birmingham Midhshires panel. The simplest thing to do is ring your chosen Stechford conveyancing lawyer to check if they are on the Birmingham Midhshires panel. If they are not on the panel you have numerous choices available to you here:
- Complete the purchase with your chosen Stechford lawyer but Birmingham Midhshires will need to instruct a lawyer from their conveyancing panel. This will result in additional fees together with probable frustration.
- Get a new property lawyer to conduct the conveyancing, ensuring that they are on the Birmingham Midhshires conveyancing panel.
- Convince your conveyancing practitioner to pull out all the stops to get listed on the Birmingham Midhshires conveyancing panel.