All was ready to complete my purchase in Wisbech next Friday. My property lawyer 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 bank. What does the insurance need 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 requirements. These obligations are not unique to conveyancing in Wisbech.
When will exchange of contracts take place for residential conveyancing in Wisbech and do I need to attend the lawyers office?
If you are round the corner to our conveyancing solicitors in Wisbech you are invited in to sign the paperwork. However, the firms we work with supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when communicating with you by post or email. The signing of the purchase agreement is not the critical part. Signing on the dotted line is necessary for the conveyancer to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Wisbech)to be in the office at the appropriate time.
I am buying a new build house in Wisbech with a loan from Nottingham Building Society. The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this deal as it may put at risk my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Wisbech is where the house is located. Is there any advice you can impart?
Flying freeholds in Wisbech are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wisbech you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wisbech 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 residence.
I dont have enough spare funds to pay a 10% deposit on my apartment purchase in Wisbech , but I am keen proceed. Do I have options?
One option is to try and accept a smaller deposit. Most vendors will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute