I am hoping to complete my purchase in Surrey next Tuesday. My conveyancing practitioner 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 lender. What risks does the bank 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 Part 2 instructions. These requirements are not unique to conveyancing in Surrey.
In scouring consumer advice sites for a recommended lawyer in Surrey, many say that I must instruct a CQS kitemarked lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's major banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Surrey is one of the many areas in England and Wales where there are CQS lawyers.
I bought my house on 1 February and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Surrey expressed confidence that it will be dealt with inside ten days. Are properties in Surrey particularly slow to register?
There is nothing unique about conveyancing in Surrey registration formalities. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether it is in order and if the Land registry need to notify any third parties. As of today approximately 80% of submission are fully addressed in less than three weeks but some can be subject to longer hold-ups. Registration occurs after the purchaser has moved in to the premises thus 'speed' is not typically top priority but where it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Surrey differ for newly converted properties?
Most buyers of new build property in Surrey contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Surrey usually acquire the land, 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 accustomed to new build conveyancing in Surrey or who has acted in the same development.
Am I better off to go with a Surrey conveyancing practitioner based in the vicinity that I am purchasing? We have a good friend who can perform the legal formalities however her office is 400kilometers drive away.
The primary upside of using a high street Surrey conveyancing firm is that you can pop in to sign documents, deliver your ID and apply pressure on them if necessary. Having local Surrey know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were impressed that should trump using an unknown Surrey conveyancing solicitor just because they are local.
I today found out that one of the partners of the conveyancing practice acting on the purchase conveyancing in Surrey is an aunty of the seller. Is this acceptable?
Provided no conflict arises this is permitted. Where you are obtaining mortgage finance then the mortgage company may have a say as many mortgage companies have specific requirements concerning this. For example for Bradford & Bingley as of 16/5/2024, the requirements read as follows :