I am hoping to complete my purchase in Poplar next Thursday. My property lawyer now wants me to supply her with evidence 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 lender 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 Part 2 requirements. These obligations are not limited to conveyancing in Poplar.
It is is a decade since I purchased my property in Poplar. Conveyancing lawyers have recently been appointed on the sale but I am unable to locate my title deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be with your lender or they may stored with the solicitor who oversaw your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Poplar relates to registered property but in the unlikely event that your property is unregistered it is more tricky but is not insurmountable.
My brother-in-law has suggested I instruct a conveyancing solicitor in Poplar. I need to find out if they are on the Virgin Money conveyancing panel. Can you or the lender confirm if they are on the panel?
The first thing to do is call the solicitor and ask them if they are on the lender panel. Otherwise you should get in touch with Virgin Money who may be able to help.
Due to the input of my in-laws I had a survey completed on a property in Poplar before retaining solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders tend refuse to grant a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Poplar. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Poplar to see if the conveyancing costs will increase in light of this.
I was recommended by a number of estate agents in Poplar to get a quote from a conveyancer on your site. Is there a financial incentive for Estate Agents to recommend your lawyers rather than a competitor’s?
We don’t make any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Why am I unable to complete my conveyancing in Poplar on May bank holiday?
This is due to the fact that on completion the sale price needs to pass between the banks of the buyer and owner’s conveyancer and currently this can only take place on a business day. It is not possible to complete on a weekend either.