All was ready to complete my purchase in Mottingham 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 lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer 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 Part 2 conditions. These obligations are not specific to conveyancing in Mottingham.
It is a dozen years since I purchased my property in Mottingham. Conveyancing solicitors have recently been retained on the sale but I am unable to find the title deeds. Will this cause complications?
You need not be too concerned. First there is a chance that the deeds will be retained by your lender or they may be in the possession of the solicitor who acted in the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Most conveyancing in Mottingham involves registered property but in the rare situation where your property is not registered it is more tricky but is resolvable.
Will our solicitor be asking questions regarding flooding during the conveyancing in Mottingham.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Mottingham. Plenty of people will purchase a house in Mottingham, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, but there are a number of searches that can be carried out by the buyer or by their lawyers which will give them a better understanding of the risks in Mottingham. The standard property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out whether the premises has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a buyer may commence a legal claim for losses resulting from an misleading reply. The purchaser’s conveyancers should also carry out an environmental search. This should higlight whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
I used Wolstenholmes several years past for my conveyancing in Mottingham. I now require my file but the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Mottingham of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Mottingham differ for newly converted properties?
Most buyers of new build residence in Mottingham come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Mottingham 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 Mottingham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Mottingham is the location of the property. Is there any guidance you can impart?
Flying freeholds in Mottingham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mottingham you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mottingham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.