I am hoping to complete my purchase in Finchampstead next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 banks 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 Finchampstead.
It is 10 years ago since I purchased my house in Finchampstead. Conveyancing solicitors have recently been retained on the sale but I can't track down the title documents. Will this cause complications?
Don’t worry too much. First the deeds may be with the mortgage company or they may still be with the solicitor who acted in your purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in Finchampstead relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
is it true that all Finchampstead conveyancing solicitors on the TSB conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the TSB conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I have decided to exercise my right to buy my property in Finchampstead off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in October 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Co-operative are being difficult. The Finchampstead solicitor who is on the Co-operative conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative 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.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial land in Finchampstead?
Its becoming the norm that commercial conveyancing solicitors in Finchampstead will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Finchampstead. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Finchampstead.
For each commercial conveyancing transaction in Finchampstead it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Finchampstead commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Finchampstead.
It has been three months following my purchase conveyancing in Finchampstead completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 asset 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 can the Landlord & Tenant Act 1954 impact my commercial premises in Finchampstead and how can your lawyers assist?
The particular law that you refer to provides a safeguard to business leaseholders, giving them the a statutory right to apply to court for a renewal tenancy and continue in occupation at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Finchampstead