Due to complete my purchase in Godmanchester next Monday. My conveyancing practitioner 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 does the insurance need to cover?
Any lawyer on acting for lenders 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 obligations are not limited to conveyancing in Godmanchester.
Finally the sale completed on my house in Godmanchester last February but the buyer keeps Skype messaging daily to moan that their conveyancer needs to hear from mylawyer. What should my lawyer have done following completion?
Post completion of your sale your solicitor should forward the transfer deeds and all additional paperwork to the purchaser's lawyers. Depending on the transaction, your solicitor must also evidence that the home loan has been redeemed to the buyers conveyancers. There is unlikely to be post completion steps unique to conveyancing in Godmanchester.
I am buying a property and the solicitor has referenced Chancel Repair to which the property may be liable because it falls into the area of such a church. He has recommended insurance. Is this strictly necessary for conveyancing in Godmanchester
Unless a prior acquisition of the house completed after 12 October 2013 you can assume that conveyancing practitioners delivering conveyancing in Godmanchester to remain recommending a chancel search and or insurance against a claim.
I am buying a new build house in Godmanchester with a mortgage from Chelsea Building Society. The sellers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about the deal as it could adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Godmanchester is the location of the property. Can you shed any light on this issue?
Flying freeholds in Godmanchester are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Godmanchester you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Godmanchester may decide 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.
I am hoping to purchase a repression property in Godmanchester and the bank selling would like to complete within a month. Do conveyancers complete in this timeframe? Would it be better to select a high street Godmanchester firm or an online organisation that professes to offer speedy conveyancing?
Attend your Godmanchester shopping parade. Go in to 3 solicitor’s offices and ask to see a conveyancing solicitor for an estimate. Explain your requirements and seek assurances on speed. Choose the one that appears most trustworthy. Be sure to use a solicitor on the list of lawyers who can act for your mortgage company.