I am hoping to move into my new home in Molesey next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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?
All property lawyers on acting for banks 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 obligations are not specific to conveyancing in Molesey.
In what way does my ID and proof of funds have anything to do with my conveyancing in Molesey? What am I being asked for?
To satisfy the Money Laundering Regulations any Molesey conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account evidencing where you reside.
Under Money Laundering Regulations, conveyancers are obliged by law to ascertain not only the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
When looking at mumsnet.com for a conveyancing solicitor in Molesey, many comment that I should look for a CQS kitemarked solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with best practice conveyancing processes through the scheme protocol It includes numerous organisations who perform conveyancing in Molesey.
I am downsizing from our house in Molesey and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Molesey lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a factory type conveyancing firm as opposed to a conveyancing solicitor in Molesey. We have lived in Molesey for six years we know that this is a non issue. Should we get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Me and my brother purchased a semi-detached Victorian property in Molesey. Conveyancing practitioner represented me and Barclays . I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Molesey and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Molesey differ for new build properties?
Most buyers of new build or newly converted property in Molesey contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Molesey usually buy the site, 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 Molesey or who has acted in the same development.