Due to move into my new home in Bilborough 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 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 Part 2 requirements. These requirements are not unique to conveyancing in Bilborough.
It is is a decade since I purchased my house in Bilborough. Conveyancing solicitors have just been instructed on the sale but I am unable to find the deeds. Is this a major issue?
You need not be too concerned. First there is a possibility that the deeds will be kept by your mortgage company or they could be in the possession of the lawyers who oversaw the purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Bilborough relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is resolvable.
I had intended to instruct a conveyancing solicitor in Bilborough for our house purchase. Our broker informed us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Surely this is unduly restrictive?
Banks in the main imposes restrictions either the category or the number of conveyancing firms on their member panel. A common example of such restriction(s) being that a law practice must not be a sole practitioner. As well as restricting the profile of firm, a few lenders have limited the number of firms they permit to represent them. Be aware that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there are mixed opinions concerning the level of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Bilborough only carry out very few conveyances per annum.
I happen to be the single recipient of my late mum's will with all property in now in my sole name, including the house in Bilborough. Conveyancing formalities meant that the Land Registry date was in February. I plan to dispose of the property. I understand that there is a CML six month 'rule', meaning my property ownership could be considered the same way as though I had purchased the house in February. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view lenders take of it, depend on the bank as this requirement is principally there to identify subsales or the flipping of properties.
We have a mortgage agreed in principle with UBS. Bilborough conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS done the valuation? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After much negotiation I have agreed a price on a house in Bilborough. My financial adviser suggested a conveyancing practitioner. I paid an upfront payment of £225. Not long after, the property lawyer called me to say that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am close to exchanging contracts on the sale of our property in Bilborough and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any high street Bilborough lawyer would know this is not the case. For the life of me I don't know why the buyers used an online conveyancing practice as opposed to a conveyancing solicitor in Bilborough. Having lived in Bilborough for 4 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You should check with 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 life insurance to cover that same illness)
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175,000 maisonette in Bilborough next Tuesday. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Bilborough?
For the majority of leasehold sales in Bilborough conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing conveyancing due diligence questions
Where consent is required before sale in Bilborough
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I purchased a leasehold flat in Bilborough, conveyancing formalities finalised in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Bilborough with a long lease are worth £165,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2103
You have 77 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.