My fiance and I are hoping to acquire a flat in Chigwell and have appointed a Chigwell conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Skipton Building Society have this afternoon contacted us to inform me that there is now an issue as our Chigwell conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Chigwell lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
All was ready to move into my new home in Chigwell next Tuesday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need 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 Part 2 conditions. These requirements are not limited to conveyancing in Chigwell.
We note that you have a post code search directory identifying law firms on the Co-operative conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Chigwell?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Chigwell.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to instruct a local conveyancing solicitor in Chigwell?
Do check but the chances are that give you one of their panel solicitors should you take up the "fee-free" incentive. Contact the mortgage company and determine if they offer you a cash alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Chigwell.
My wife and I are buying a house in Chigwell. I might seem paranoid but how we can trust a conveyancer? On completion day we will need to deposit funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am planning to move home in August. Should my conveyancing solicitor call the removal company on the day of completion. Incidentally, can you recommend a removal company in Chigwell. Conveyancing firm was found before I stumbled across this page.
On the afternoon of completion you can collect the house keys from your selling agent but this can only take place once the previous owners lawyers confirm to the agent that they acknowledge receipt of the completion payment and the keys can be collected. You should tell the removal company that you are ready to move in. We do not recommend a particular removal organisation but can help you find a conveyancing in Chigwell or a solicitor with expertise in conveyancing in Chigwell.
I am the single beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Chigwell. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the house in June. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How practical a view lenders take of it, depend on the bank as this clause primarily exists to capture subsales or the flipping of property.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Chigwell I like with open areas and railway links nearby, however it's only got 61 remaining years left on the lease. There is not much else in Chigwell for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.