I am hoping to complete my purchase in Hockley 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 bank. 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 instructions. These requirements are not limited to conveyancing in Hockley.
It is a dozen years since I bought my property in Hockley. Conveyancing solicitors have recently been instructed on the sale but I am unable to locate my deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be retained by your lender or they may be in the possession of the solicitor who oversaw the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Almost all conveyancing in Hockley relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
I have been told that property searches are the main reason for delay in Hockley house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Hockley.
I'm purchasing my first flat in Hockley benefiting from help to buy. The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not reveal to my solicitor about the extras as it will adversely affect my loan with the bank. Should I keep quiet?.
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 opted to have a survey done on a property in Hockley prior to retaining lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies tend refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hockley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hockley to see if the conveyancing will be more expensive.
My boyfriend is buying a garden flat in Hockley. He has received an estimate by the conveyancer connected to the estate agents and it came to £1245 . It was 7 years ago since I sold and purchased a property and the bill was £500. Have charges really gone up that much?
We would recommend that you call two or three local Hockley conveyancing solicitors seeking estimates. It is advisable to base your selection not just on cost, but on promptness and on how comprehensive the response was.