Due to move into my new home in Maldon next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders 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 unique to conveyancing in Maldon.
What is the first thing I need to know about purchase conveyancing in Maldon?
Not many law firms shout this from the rooftops but conveyancing in Maldon and elsewhere in Essex is an adversarial process. Put another way, when it comes to conveyancing there is plenty of room for conflict between you and other parties involved in the transaction. For example, the vendor, selling agent and even potentially the mortgage company. Selecting a lawyer for your conveyancing in Maldon should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the legal process whose responsibility is to protect your best interests and to protect you.
Every so often a potential adversary will attempt to convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by claiming that your solicitor is wrong. Or your mortgage broker may try to convince you to do take action that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
My partner and I are downsizing from our home in Maldon and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any high street Maldon conveyancer would know this is not the case. It does beg the question why the purchasers used an online conveyancing outfit as opposed to a conveyancing solicitor in Maldon. Having lived in Maldon for 4 years we know that this is a non issue. Should we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Just acquired a semi-detached house in Maldon , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Maldon conveyancing solicitor works at snail pace, so I want to check the post completion formalities are concluded.
There is nothing unique when it comes to conveyancing in Maldon registration formalities. Rather than based on location, timeframes can vary depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any interested persons or bodies. As of today roughly three quarters of submission are fully addressed in less than three weeks but some can be subject to extensive delays. Historically registration occurs after the new owner is living at the property so registration formalities is not usually an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Maldon differ for newly converted properties?
Most buyers of new build property in Maldon approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Maldon usually acquire 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 conveyancers 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 Maldon or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Maldon is where the house is located. Can you offer any assistance?
Flying freeholds in Maldon are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Maldon you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maldon may determine 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.