All was ready to complete my purchase in Kenton next Friday. My conveyancing practitioner now wants me to supply her with evidence 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 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 instructions. These obligations are not specific to conveyancing in Kenton.
My brother-in-law has suggested I instruct a conveyancing solicitor in Kenton. I I am struggling to find out whether they are accepted on the Bank of Ireland approved list of lawyers. Could you assist?
You should phone the lawyer and ask them if they can act for the lender. Alternatively you should get in touch with Bank of Ireland who may be able to help.
Should our conveyancer be making enquiries concerning flooding during the conveyancing in Kenton.
The risk of flooding is if increasing concern for solicitors dealing with homes in Kenton. Some people will buy a house in Kenton, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that may be initiated by the buyer or by their solicitors which can give them a better appreciation of the risks in Kenton. The standard information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to determine whether the property has ever been flooded. In the event that the residence has been flooded in past which is not revealed by the seller, then a buyer may issue a claim for damages stemming from an misleading response. A purchaser’s conveyancers should also conduct an environmental report. This should higlight if there is any known flood risk. If so, further investigations should be carried out.
five months have gone by since my purchase conveyancing in Kenton completed. I have checked the Land Registry website which shows that I paid £200,000 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 premises 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.
I need to instruct a conveyancing lawyer in Kenton for my home move. Is it possible to review a solicitor's record with the profession’s regulator?
One can find presented Solicitor Regulator Association (SRA) determinations resulting from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator may recorded telephone calls for training reasons.
We are midway through buying a property in Kenton. Conveyancing solicitor has called to say the property is "Leasehold". Should this make a difference on the marketability of the property?
Kenton conveyancing does not ordinarily involve leasehold houses. The key consideration here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the value significantly.
At the other extreme, if it's, say, Sixty years it will have a adverse impact on the value, and most likely wouldn't be acceptable to the lender. The remaining lease term and ground rent will be set out in the lease provided to your lawyer.