Due to move into my new home in Henlow next Thursday. 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 lender. What risks does the bank expect the insurance 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 UK Finance Lenders’ Handbook instructions. These obligations are not specific to conveyancing in Henlow.
Do banks and building societies provide you with an approved list of Henlow conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
Henlow conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
We wanted to use a property lawyer in Henlow for our house purchase. Our financial adviser informed us that our mortgage lenders Bank of Ireland won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Henlow conveyancing firms would have been on most lender panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms regarding their operations and their employees as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Henlow conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Henlow is one of the thousands of areas where the solicitors showing on our search results are are authorised to act for Bank of Ireland.
I am the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in Henlow. The Henlow property was put into my name in November. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be considered the same way as though I had purchased the property in November. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this clause primarily exists to capture the purchase and immediately sell or the flipping of property.
Does a directory service exist listing Co-operative panel solicitors in Henlow on the Building Society Association’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings open the public over the internet. If you are seeking to appoint a Henlow lawyer on the Co-operative please make the most of our facility.
I'm in the process of viewing flats in Henlow and I am now considering a potential offer. Is it best to have my solicitor on ‘stand by’? I am planning to take a home loan with RBS.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are getting a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
Will our solicitor be raising questions regarding flooding during the conveyancing in Henlow.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Henlow. Some people will buy a house in Henlow, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a number of checks that can be carried out by the buyer or by their lawyers which should give them a better understanding of the risks in Henlow. The conventional set of completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not notified by the owner, then a purchaser may commence a legal claim for losses as a result of such an misleading reply. The purchaser’s solicitors may also order an enviro report. This will disclose if there is a recorded flood risk. If so, additional investigations will need to be made.
We are 17 days into a leasehold purchase having been directed to solicitors by the selling agent to execute conveyancing in Henlow. I am not happy. Can you you assist me in finding new solicitors?
They would need to be really bad to suggest replacing them. Has the loan offer been issued? In the event that it has you need to inform them of the new contact details and get the offer are re-issued. The solicitor ideally needs to be on the lenders panel to avoid supplemental costs and delays. So that should be your first question of the new conveyancers. Our find a solicitor tool will assist you in finding a bank approved solicitor for your home move in Henlow