I am hoping to move into my new home in Felixstowe next Tuesday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for mortgage companies 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 instructions. These requirements are not specific to conveyancing in Felixstowe.
What does my ID and proof of funds have anything to do with my conveyancing in Felixstowe? What am I being asked for?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with before they can accept their conveyancing retainer. The Terms and Conditions that you need to sign should reaffirm this. Your lender will also require certain documents to be viewed. If you are unwilling to provide identification documents, your lawyer can not take you on as a client.
My wife and I are purchasing a property in Felixstowe. I might seem paranoid but how we can trust a lawyer? On the day of competition we have to send our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
If you had a top tip for selecting a conveyancing solicitor in Felixstowe what would it be?
It would be unwise to be seduced by the lowest Felixstowe conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
My father informed me that in purchasing a property in Felixstowe there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Felixstowe which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Felixstowe should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Felixstowe is where the house is located. What do you suggest?
Flying freeholds in Felixstowe are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Felixstowe you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Felixstowe 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 have been recommended by a few property agents in Felixstowe to get a quote from a property lawyer using your seach tool. Is there a financial advantage for Estate Agents to recommend your lawyers over a competitor’s?
We refuse to make any referral fee for directing people to this site. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Is it best to instruct a Felixstowe conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can carry out the legal work but his firm is located 400miles drive away.
The benefit of a high street Felixstowe conveyancing practice is that you can attend the office to sign documents, present your identification documents and pester them where appropriate. They will also have local insight which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were content that should surpass using an unknown Felixstowe conveyancing lawyer solely due to them being round the corner.