I am hoping to complete my purchase in Stonehouse next Tuesday. 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 lender. What does the insurance need 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 UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Stonehouse.
I am purchasing a property in Stonehouse. One unusual aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Bank of Ireland your lawyer must comply with the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Bank of Ireland where a lease does not meet these specifications. The conditions relate to the installation of panels on properties nationwide and is not restricted to Stonehouse.
I am selling my apartment. I had a double glazing fitted in December 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Kent Reliance are being a right pain. The Stonehouse solicitor who is on the Kent Reliance conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Virgin Money have agreed my mortgage in principle, my bid on a house in Stonehouse has been agreed to, what are the next steps?
Your estate agent will want to be advised as to your lawyer's details (ensure that the conveyancing practitioners are on the bank’s panel). Call up Virgin Money or your financial adviser and finish off any outstanding documentation. Virgin Money will instruct a valuer who will get in contact with the selling agent or owners to schedule a slot for the valuation to take place. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Virgin Money will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Stonehouse.
I have been told that property searches are a common reason for obstruction in Stonehouse house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Stonehouse.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Stonehouse I like with open areas and railway links nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Stonehouse in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the shortness of the lease will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Do I have to pop into the offices of the mortgage company conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Stonehouse so that I can attend their offices when needed.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Stonehouse.