All was ready to complete my purchase in Charmouth next Friday. 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 lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer 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 conditions. These requirements are not limited to conveyancing in Charmouth.
I have been referred to a conveyancing solicitor in Charmouth. I I am struggling to find out if they are accepted on the Platform Home Loans Ltd conveyancing panel. Could you advise?
The first thing to do is phone the solicitor and ask them if they are on the lender panel. Otherwise you can get in touch with Platform Home Loans Ltd who may be able to help.
four months have gone by following my purchase conveyancing in Charmouth took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Charmouth with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not reveal to my conveyancer about this side-deal as it could adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 issue on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Charmouth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Charmouth are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Charmouth you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Charmouth may ascertain 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 property.
Is it possible to swap conveyancer as I have to retain a firm on the Norwich and Peterborough Building Society conveyancing list. I was using a high street conveyancing solicitor in Charmouth round the corner but she is not approved by Norwich and Peterborough Building Society
We will our best to assist in finding you a conveyancing solicitor in Charmouth on the Norwich and Peterborough Building Society panel. Please note that the solicitors that we on the directory do not pay us commission if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Charmouth. In making use of search facility on this website, you can scrutinise charges for conveyancing solicitors in Charmouth and throughout England and Wales.