Due to complete my purchase in Egham 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 lender. What risks does the bank 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 requirements are not unique to conveyancing in Egham.
My husband and I intend to purchase a newly converted flat in Egham with a residential mortgage from Chelsea Building Society.We would like to retain our Egham conveyancing lawyer but Chelsea Building Society says her practice is not listed on their approved list of member firms. we are left little option but to use a Chelsea Building Society panel firm or retain our local solicitor and fork out for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Chelsea Building Society use our lawyer?
Unfortunately,no. The loan issued to you contains various provisions, one of which will be that conveyancers needs to be on the Chelsea Building Society solicitor panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Chelsea Building Society
I am buying a house and the lawyer has identified Chancel Repair for which the house could be liable given it’s proximity to the area of such a church. He has recommended insurance. Is this really appropriate for conveyancing in Egham
Unless a prior acquisition of the premises took place after 12 October 2013 you can assume that conveyancing practitioners carrying out conveyancing in Egham to remain encouraging a chancel search and or insurance against a claim.
I am buying a new build house in Egham with a mortgage from Barclays Direct. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent advised me not to tell my conveyancer about the side-deal as it would 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.
In my capacity as executor for the estate of my aunt I am disposing of a house in Cardiff but I am based in Egham. My conveyancer (based 300 miles awayrequires that I execute a stat dec before the transaction finalising. Can you recommend a conveyancing practitioner in Egham to attest this legal document for me?
strictly speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are based in Egham
My wife and I have AIP from Bank of Scotland who suggested we could borrow up to £400k. When do I need to instruct a practitioner for conveyancing? Egham is where we are purchasing.
You can instruct a property lawyer now so that the conveyancing practitioner can open the ledger so they can do the ID checks etc. As and when you wish them to commence work you will be asked for a payment on account normally about £175. That should generally be once you have the mortgage offer and valuation back, however should you wish to speed matters you can start the ball rolling quicker even though you may be risking some money.