All was ready to move into my new home in Friern Barnet next Friday. My property lawyer now wants me to supply her with proof 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 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 requirements. These requirements are not specific to conveyancing in Friern Barnet.
What does my ID and proof of funds have anything to do with my conveyancing in Friern Barnet? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Friern Barnet conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, property lawyers are duty bound to investigate not just the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
It is not clear whether my mortgage offer requires a lease extension. I have called my Friern Barnet bank branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Friern Barnet conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend based on their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company approved list, she or he must adhere to the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Coventry BS are being pedantic. The Friern Barnet solicitor who is on the Coventry BS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Coventry BS are insisting on a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS 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.
About to purchase maisonette in Friern Barnet. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Friern Barnet property lawyer is on the Virgin Money conveyancing panel.
I am a sole trader hoping to lease a unit on a shopping parade. Can you recommend conveyancers offering no-move-no charges for non-domestic conveyancing in Friern Barnet for below £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Friern Barnet, including the disposal and purchase of businesses as well as simply premises. Whether you are hoping to purchase or dispose of a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. Regarding the charges this will depend on the structure and nuances of the deal. Let us have your details or call so as to enable us to furnish you with a detailed commercial conveyancing quote.
I need to find a conveyancing solicitor for freehold conveyancing in Friern Barnet. I happened to discover a web site which appears to be the ideal solution If there is a chance to get all the legals done via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Why do Friern Barnet conveyancing fees differ for leasehold and freehold properties?
If purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control