My lawyer has informed me that lack of right of way insurance is necessary on my purchase. What is the level of cover for Weymouth conveyancing?
The right level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
My wife and I are at the point of looking at houses in Weymouth and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a mortgage with Leeds Building Society.
It would be advisable to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. Given that you are taking out a mortgage with Leeds Building Society, make sure you remember to check that your lawyer is on the Leeds Building Society conveyancing panel.
I currently have a mortgage with Virgin Money for my property in Weymouth. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Virgin Money must be informed of your intention in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
I have been told that property searches are a common cause of delay in Weymouth conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Weymouth.
I own a renovated Georgian property in Weymouth. Conveyancing lawyer acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for 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 Weymouth and other locations in 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 mortgage companies. You can also check the position with your conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Weymouth differ for new build properties?
Most buyers of new build residence in Weymouth approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Weymouth usually 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 property lawyers 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 used to new build conveyancing in Weymouth or who has acted in the same development.
Is it simple use the search tool to locate a conveyancing practitioner in Weymouth on the approved list for my lender?
Step one is to select a lender such as Birmingham Midshires, Virgin Money or Britannia then type in your preferred area for instance Weymouth. Conveyancing practices in Weymouth and nationally should be shown.