All was ready to complete my purchase in Chadwell Heath 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 bank 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 instructions. These obligations are not limited to conveyancing in Chadwell Heath.
It is 10 years ago since I acquired my home in Chadwell Heath. Conveyancing lawyers have recently been instructed on the sale but I am unable to track down my deeds. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be with the mortgage company or they may stored with the conveyancers who acted in your purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Chadwell Heath involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
I have decided to exercise my right to buy my property in Chadwell Heath off the council. I have a mortgage offer with Nationwide. Conveyancing is not something I have any knowledge of. 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 Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
The mortgage over my property is with Leeds Building Society for my property in Chadwell Heath. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention before letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel solicitor.
At last I have had an offer on an apartment in Chadwell Heath accepted, but there is a chain. The vendors have offered on a flat, but it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have instructed a local conveyancing solicitor in Chadwell Heath. What do I do now? At what stage should I apply for the mortgage with RBS?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Chadwell Heath conveyancing search charges, etc). First, you must ensure that your conveyancing practitioner is on the RBS approved list. Regarding the subsequent steps this very much dictated by the specifics of your case, attraction to the property and on the state of the market. During a buoyant market some purchasers would apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to move forward with the conveyancing in Chadwell Heath.
I am close to exchanging contracts on the sale of our house in Chadwell Heath and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A high street Chadwell Heath lawyer would know that there is no such problem. It does beg the question why the buyers used a national conveyancing practice as opposed to a conveyancing solicitor in Chadwell Heath. We have lived in Chadwell Heath for six years we know that this is a non issue. Should we contact our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You need to enquire of 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 health insurance to cover that same illness)
I'm buying my first flat in Chadwell Heath with a mortgage from National Westminster Bank. The sellers would not move on the price so I negotiated 6k of additionals instead. The house builders rep told me not disclose to my conveyancer about the side-deal as it could jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Chadwell Heath is the location of the property. Can you shed any light on this issue?
Flying freeholds in Chadwell Heath are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chadwell Heath you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chadwell Heath 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.