All was ready to move into my new home in Blackheath next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. 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 UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Blackheath.
What is your number one tip for choosing a conveyancing solicitor in Blackheath
It would be unwise to be swayed by the cheapest Blackheath conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
We have agreed to purchase a house in Blackheath. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
Given that your lender is Coventry BS your lawyer must comply with the conveyancing instructions outlined in Part two of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Coventry BS where a lease fails to meet these conditions. The provisions relate to the installation of panels on properties nationwide and is not limited to Blackheath.
I am currently in the process of buying my council flat in Blackheath. I have a mortgage offer with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a house in Blackheath?
Unless a prior purchase of the property completed after 12 October 2013 you can assume that solicitors delivering conveyancing in Blackheath to continue to suggest a chancel search and or insurance against a claim.
How does conveyancing in Blackheath differ for new build properties?
Most buyers of new build property in Blackheath contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Blackheath tend to acquire the site, 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 used to new build conveyancing in Blackheath or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Blackheath is the location of the property. Can you offer any assistance?
Flying freeholds in Blackheath are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Blackheath you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blackheath may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
How and when do I cover the costs of the Stamp Duty Land Tax due for my house transaction in Blackheath?
The majority of conveyancers tend to complete a stamp duty return on your behalf as part of your Blackheath purchase transaction for you to sign. After completion your property lawyer will submit your STL Return Form to the Tax Authorities and - as long as they have the money - pay any Stamp Duty liability on your behalf.