All was ready to move into my new home in Battlesbridge 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 lender. What does the insurance need 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 requirements. These obligations are not limited to conveyancing in Battlesbridge.
When does exchange of contracts occur in domestic conveyancing in Battlesbridge and do I need to attend the solicitors branch?
Where you are round the corner to one of the conveyancing solicitors in Battlesbridge you are invited in to sign contracts. However, the law practices we work with provide countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you electronically. The executing of the contract is not the critical part. A signed contract simply enables the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Battlesbridge)to be in the office at the appropriate time.
My Conveyancer in Battlesbridge is not listed on the National Westminster Bank Conveyancing Panel. Can I still retain my family solicitor even though they are not on the National Westminster Bank panel?
The limited options open to you here include:
- Carry on with your existing Battlesbridge lawyers but National Westminster Bank will need to instruct a lawyer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees as well as cause delays.
- Find an alternative practitioner to act in the purchase, remembering to check they are on the National Westminster Bank panel
Should my conveyancer be raising questions regarding flooding during the conveyancing in Battlesbridge.
Flooding is a growing risk for lawyers dealing with homes in Battlesbridge. Plenty of people will purchase a house in Battlesbridge, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a numerous searches that can be initiated by the purchaser or by their conveyancers which should give them a better understanding of the risks in Battlesbridge. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to determine if the premises has historically flooded. If flooding has previously occurred which is not notified by the seller, then a purchaser could issue a legal claim for losses as a result of such an incorrect answer. The buyer’s conveyancers should also commission an enviro search. This should higlight whether there is any known flood risk. If so, more detailed inquiries should be carried out.
My wife and I have a semi-detached Edwardian property in Battlesbridge. Conveyancing lawyer acted for me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be 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 Battlesbridge and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing lawyer who conducted the work.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Battlesbridge I like with a park and railway links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Battlesbridge for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.