I am hoping to move into my new home in Bawtry next Friday. My lawyer now wants me to supply her with evidence 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 mortgage company expect the insurance to cover?
All property lawyers 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 conditions. These requirements are not unique to conveyancing in Bawtry.
We are purchasing a flat and require a conveyancing solicitor in Bawtry who is on the Principality approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Principality . We don't recommend any particular firms conducting conveyancing in Bawtry.
We wanted to use a property lawyer in Bawtry for our house purchase. Our financial adviser has since advised us that our bank Leeds Building Society won't deal with them. Surely this is unfair competition?
A mortgage company can insist on a panel conveyancer act for it. Borrowers are expected to bear the cost of this. Try using our search facility to choose a solicitor to carry conveyancing in Bawtry on the Leeds Building Society member panel.
I happen to be the sole recipient of my late mum's estate with all property in now in my sole name, including the house in Bawtry. The Bawtry property was put into my name in March. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be treated the same way as if I'd bought the house in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this clause principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
When it comes to mortgage companies such as Santander, do Bawtry conveyancers face an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I'm spending time looking at apartments in Bawtry and I am now considering a potential offer. Should I already have a property lawyer in place at this stage? I intend to finance via a mortgage with Barclays.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are getting a mortgage with Barclays, make sure you remember to check that your lawyer is on the Barclays conveyancing panel.
I'm remortgaging my existing home to a buy to let loan with Yorkshire Building Society and I will use the rest of the raised equity as a down payment on further property. The area we are talking about is Bawtry. Will your conveyancers be able to act for the two mortgage companies and link together the transactions?
Make use of our comparison tool on this site to be sure that the conveyancers are approved by both lenders. Assuming that they are the solicitor will be able to tie up the two transactions but you should have a chat with you lawyer and communicate your expectations and requirements.
My husband and I intend to buy our first property in Bawtry. Conveyancing lawyer already selected. The mortgage adviser advised that a survey is not appropriate as the house was only built in 2002.
At the very least you should have a Home Buyer's Report. Given the residence was constructed over a decade ago the property will be without a warranty, so you would be well advised not to take a risk. For a property that age with no signs of problems a Home Buyer's report could be enough. They will highlight any obvious problems and suggest further investigation if relevant. Where there are any indications of problems obtain a full structural survey.