All was ready to move into my new home in Hampton Wick next Monday. 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 lender. What does the insurance need 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 Part 2 requirements. These obligations are not limited to conveyancing in Hampton Wick.
Finally the sale completed on my house in Hampton Wick last June but my buyer keeps texting daily to say his lawyer needs to hear from mine. What should have happened following completion?
Following your sale your conveyancer is duty bound to send the transfer documentation and all of the paperwork to the purchaser's solicitors. Where appropriate, your conveyancer must also send confirmation that the home loan has been repaid to the purchasers conveyancers. There is unlikely to be post completion procedures peculiar conveyancing in Hampton Wick.
I have been recommended a conveyancing solicitor in Hampton Wick. I need to find out if they are on the Virgin Money approved list of lawyers. Could you help?
The first thing you should do is e-mail the solicitor and enquire if they can act for the bank. Otherwise you can call Virgin Money who may be able to assist.
My bid for a property was accepted at auction in Hampton Wick. Conveyancing is necessary. What happens now?
Now that you are legally committed yourself to purchase you must choose a conveyancing lawyer soon as you will have a pending a fixed date to complete the transaction. All auction property will have a bespoke legal pack. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold property the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You should hand this to your appointed conveyancing solicitor ASAP. Do make sure that your finances are in order to complete on the date specified in the contract.
It is not clear whether my bank requires a lease extension. I have called into my local Hampton Wick building society branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Hampton Wick conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the lawyer is on the lender approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Nationwide have agreed my mortgage in principle, my offer on a property in Hampton Wick has been agreed to, now what?
The estate agent will want to be advised as to your conveyancer's details (make sure the conveyancers are on the bank’s approved list). Contact Nationwide or your financial adviser and complete any relevant documentation. Nationwide will appoint a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Nationwide will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hampton Wick.
I have justfound out that Arc property Solicitors have closed. They carried out my conveyancing in Hampton Wick for a purchase of a leasehold flat 18 months ago. How can I be sure that my home is not still registered in the name of the previous owner?
The easiest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Hampton Wick conveyancing specialists.
How does conveyancing in Hampton Wick differ for new build properties?
Most buyers of new build or newly converted property in Hampton Wick come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Hampton Wick usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hampton Wick or who has acted in the same development.