All was ready to move into my new home in Binfield 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 mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer 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 Part 2 instructions. These obligations are not limited to conveyancing in Binfield.
In what way does my ID and proof of funds have anything to do with my conveyancing in Binfield? What am I being asked for?
In order to comply with Money Laundering Regulations any Binfield conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to validate not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may result in your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
My Solicitor in Binfield is not on the Nationwide Building Society Conveyancing Panel. Can I still use my prefered solicitor even though they are excluded from the Nationwide Building Society list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your existing Binfield lawyers but Nationwide Building Society will need to use a lawyer on their panel. This will inevitably rack up the overall conveyancing fees as well as cause delays.
- Get an alternative lawyer to to deal with the purchase, not forgetting to check they are on the Nationwide Building Society panel
I decided to have a survey completed on a property in Binfield ahead of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies may refuse to issue a loan on a flying freehold home.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Binfield. Conveyancing may be slightly more expensive based on your lender's requirements.
How do I use your search tool to select a conveyancing lawyer in Binfield on the panel for my lender?
1st choose a lender such as Barclays , The Mortgage Works or Platform Home Loans Ltd then choose your preferred area a common one being Binfield. Conveyancing practices in Binfield and nationally should be listed.
I am looking at a two flats in Binfield both have about fifty years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena.
I own a 2 bed flat in Binfield, conveyancing formalities finalised in 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Binfield with over 90 years remaining are worth £186,000. The ground rent is £55 per annum. The lease terminates on 21st October 2073
With just 53 years left to run the likely cost is going to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.