I am hoping to complete my purchase in Martlesham next Friday. My conveyancer 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 risks does the mortgage company expect the insurance 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 UK Finance Lenders’ Handbook requirements. These requirements are not unique to conveyancing in Martlesham.
In what way does my ID and proof of funds have anything to do with my conveyancing in Martlesham? What am I being asked for?
Martlesham conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of source of funds is also necessary under the money laundering regulations as lawyers are required to ensure that the funds you are utilising to buy a property (whether it be the deposit for exchange or the full purchase price where you are buying mortgage free) has come from legitimate source (such as employment savings) and is not the proceeds of illegitimate behaviour.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Martlesham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Martlesham
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I'm remortgaging my primary property to a BTL mortgage with Halifax and I will use the rest of the raised equity towards a second property. The area we are talking about is Martlesham. Will your solicitors be able to act for the two banks and tie in the transactions?
Make use of our search tool on this site to ensure that the conveyancers are on the relevant lender panels. Having checked that they are the solicitor should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you solicitor and make apparent your desired outcome and requirements.
I am a fortnight into a residential purchase having been directed to solicitors by the local agent to carry out the conveyancing in Martlesham. I am not happy. Can you you assist me in finding new lawyers?
They would need to be really bad to suggest changing them. Has your mortgage been sent? If so you will need to make them aware of the new contact details and ensure the mortgage documents are re-sent. The solicitor ideally should be on the mortgage company panel to avoid supplemental expenses and complications. So that should be your first question of the new conveyancers. The find a solicitor tool can assist you in finding a lender approved solicitor for your home move in Martlesham
I need to assess estimates for conveyancing in Martlesham from various conveyancing practitioner and appoint one. Am I right to get them to sit tight until I I have my bid accepted on a flat.
We would recommend that you wait to get your property lawyer to commence work and apply for searches after the offer has been agreed to on the property especially as Martlesham conveyancing searches are a couple of hundred pounds.