I am hoping to move into my new home in Crews Hill next Monday. My solicitor now wants me to supply her with evidence 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 bank. 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 obligations are not limited to conveyancing in Crews Hill.
We are getting the release of further funds on our mortgage from Yorkshire BS as we wish to conduct alterations to our home in Crews Hill. Do we need to choose a high street Crews Hill solicitor on the Yorkshire BS conveyancing panel to handle the legals?
Yorkshire BS do not ordinarily instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS list.
I have paid off my mortgage with Co-operative. I assume I don't need a Crews Hill lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, TSB are being difficult. The Crews Hill solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB 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.
Various online forums that I have visited warn that are the main cause of stalling in Crews Hill house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Crews Hill.
three months have gone by following my purchase conveyancing in Crews Hill concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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.
How does conveyancing in Crews Hill differ for new build properties?
Most buyers of new build residence in Crews Hill come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Crews Hill typically 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 property lawyers 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 accustomed to new build conveyancing in Crews Hill or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Crews Hill I like with open areas and railway links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Crews Hill in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.