I am hoping to complete my purchase in Chigwell next Monday. 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 bank. What risks does the mortgage company 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 conditions. These obligations are not specific to conveyancing in Chigwell.
I have been recommended a conveyancing solicitor in Chigwell. I I am struggling to find out if they are on the Halifax approved list of lawyers. Can you or the lender confirm if they are on the panel?
The first thing you should do is call the solicitor and enquire if they can act for the lender. Otherwise you can call Halifax who may be able to assist.
Is it the case that all Chigwell CQS (Conveyancing Quality Scheme) solicitors are on the Kent Reliance conveyancing panel?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, RBS are being difficult. The Chigwell solicitor who is on the RBS conveyancing panel is saying indemnity insurance will be fine but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have finally had an offer on an apartment in Chigwell accepted, the sellers do however have a tied purchase. The sellers have offered on somewhere, but it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Chigwell. What should be my next step? When do I get the mortgage application with Santander going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then survey, Chigwell conveyancing search costs, etc). The first course of action is to ensure that your conveyancer is on the Santander conveyancing panel. Concerning the next steps this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. During a rising market the majority of home buyers will apply for a home loan with Santander and pay for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
I have been told that property searches are the number one reason for obstruction in Chigwell house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Chigwell.
I decided to have a survey done on a property in Chigwell ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies tend not give a mortgage on such a home.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chigwell. Conveyancing will be smoother if you use a solicitor in Chigwell especially if they are acquainted with such properties in Chigwell.
Are there any specific benefits to using a high street solicitor in Chigwell
Home movers in Chigwell choose a local conveyancer so that they can visit just in case they have concerns, and to sign paperwork without using the Royal Mail.
One could allege that there is a slight advantage when selecting a solicitor nearby to the property you are hoping to purchase, due to the knowledge of the area and possible local concerns - yet this is debatable. Many conveyancers are now online and may be any place in the world.