Due to move into my new home in Yeadon next Thursday. My solicitor 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 risks does the lender expect the insurance 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 UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Yeadon.
Are the Yeadon conveyancing solicitors identified as being on the Nationwide conveyancing panel, together with their details provided by Nationwide?
Yeadon conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
My wife and I purchased a semi-detached Victorian property in Yeadon. Conveyancing practitioner represented me and Nationwide Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Yeadon and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Yeadon differ for newly converted properties?
Most buyers of new build residence in Yeadon approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Yeadon tend to purchase the real estate, 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 accustomed to new build conveyancing in Yeadon or who has acted in the same development.
What can I expect to pay for conveyancing in Yeadon?
Almost all Yeadon conveyancing firms will agree to a standard fee. In the event that additional work become due during the conveyancing your solicitor should advise you in writing of any extra charges for any work immediately it becomes obvious. Some companies may agree not to charge a fee if a transaction does not go ahead, others will charge a fraction of the set costs, depending on the stage at which the conveyancing falls through.
We would recommend that you obtain two or three conveyancers to provide you a quotation.