All was ready to move into my new home in Essex next Tuesday. My solicitor 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 bank. What risks does the lender 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 UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Essex.
I am the single recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Essex. The Essex property was put into my name in July. I want to move. I understand that there is a CML 6 month 'rule', meaning my proprietorship will be regarded the same way as if I'd bought the house in July. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view mortgage companies take of it, depend on the lender as this clause chiefly exists to pick up on subsales or the wholesaling and assigning of properties.
The mortgage over my property is with Skipton for my property in Essex. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
You must advise Skipton before letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel firm.
After what seems like an age I have had an offer on an apartment in Essex accepted, the vendors do nevertheless have a dependent purchase. The owners have offered on somewhere, but it’s not yet tied up, and have viewings of other flats in the pipeline. I have selected a nearby conveyancing solicitor in Essex. What should be my next step? At what stage should I apply for the mortgage with Virgin Money?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Essex conveyancing search fees, etc). First, you must check that your lawyer is on the Virgin Money approved list. As to the next steps this very much depends on the specifics of your case, motivation for this property and on the state of the market. In a hot market the majority of buyers will apply for a home loan with Virgin Money and pay for the valuation and only if it was satisfactory would they pay their property lawyer to press on with searches.
I have a 4 bedroom Victorian house in Essex. Conveyancing solicitor acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the matching address. Is it worth asking Norwich and Peterborough Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Essex and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing lawyer who conducted the purchase.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Essex is the location of the property. Is there any advice you can give?
Flying freeholds in Essex are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Essex you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Essex may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How do I use the search tool to select a conveyancing practitioner in Essex on the authorised to act for my lender?
First select a mortgage company such as Nationwide Building Society, The Royal Bank of Scotland or Aldermore then specify your location a common one being Essex. Conveyancing firms in Essex and beyond will then be listed.
I am looking for a conveyancing lawyer in Essex for my house move. Is there any facility to check a solicitor's complaints history with the profession’s regulator?
Members of the public may find presented Solicitor Regulator Association (SRA) determinations arising from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. For records Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator could recorded telephone calls for training purposes.