Due to complete my purchase in Countesthorpe next Monday. My property lawyer now wants me to supply her with proof of content and building insurance for the property 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 mortgage company 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 conditions. These obligations are not unique to conveyancing in Countesthorpe.
What does my ID and proof of funds have anything to do with my conveyancing in Countesthorpe? Is this really warranted?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Countesthorpe. However these days you can not proceed with any conveyancing deal without first providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a bank statement. Remember if you are providing your driving licence as evidence of ID it must be both the paper element as well as the photo card part, one is not acceptable without the other.
Proof of the source of funds is necessary under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must retain this information on record. Your Countesthorpe conveyancing solicitor will require evidence of proof of funds before they are able to accept any monies from you into their client account and they will also ask additional questions regarding the source of monies.
Should my solicitor be raising questions about flooding during the conveyancing in Countesthorpe.
The risk of flooding is if increasing concern for solicitors dealing with homes in Countesthorpe. Plenty of people will acquire a house in Countesthorpe, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a various checks that may be initiated by the purchaser or by their lawyers which can give them a better appreciation of the risks in Countesthorpe. The standard information sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to discover whether the premises has ever been flooded. If flooding has previously occurred and is not revealed by the owner, then a buyer may bring a claim for damages as a result of such an incorrect reply. A purchaser’s conveyancers will also carry out an environmental search. This should disclose whether there is any known flood risk. If so, further investigations should be initiated.
How does conveyancing in Countesthorpe differ for new build properties?
Most buyers of new build residence in Countesthorpe contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Countesthorpe usually buy the land, 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 Countesthorpe or who has acted in the same development.
As co-executor for the will of my uncle I am disposing of a property in Cardiff but reside in Countesthorpe. My solicitor (who is 300 kilometers awayneeds me to sign a stat dec before completion. Can you recommend a conveyancing lawyer in Countesthorpe who can attest this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will suffice regardless of whether they are based in Countesthorpe
My wife and I purchased a leasehold house in Countesthorpe. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Countesthorpe who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Countesthorpe conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Countesthorpe Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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It would be sensible to discover if there is anything that is prohibited in the lease. By way of example it is very common in Countesthorpe leases that pets are not allowed in in a block in Countesthorpe. If you like the propertyin Countesthorpe however your dog is not allowed to make the move with you then you will be presented with a difficult decision. What prohibitions are there in the Countesthorpe Lease? How long is the Lease?