Due to move into my new home in Portland next Thursday. My solicitor 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 bank. What does the insurance need 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 Portland.
It is a dozen years since I purchased my home in Portland. Conveyancing solicitors have just been retained on the sale but I can't find the deeds. Will this jeopardise the sale?
Don’t worry too much. First there is a possibility that the deeds will be retained by your lender or they could be in the possession of the lawyers who oversaw the purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining current official copies of the land registers. The vast majority of conveyancing in Portland relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
How does conveyancing in Portland differ for new build properties?
Most buyers of new build or newly converted property in Portland approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Portland tend to purchase 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 conveyancers 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 Portland or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Portland is where the house is located. Is there any guidance you can impart?
Flying freeholds in Portland are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Portland you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Portland 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.
How simple is it to use your search facility to select a conveyancing practitioner in Portland on the approved list for my bank?
First choose a bank such as Barclays , Norwich and Peterborough Building Society or Alliance & Leicester then choose your location for instance Portland. Conveyancing practices in Portland and beyond will then be identified.
I need to appoint a conveyancing solicitor for sale conveyancing in Portland. I happened to land on a web site which looks to be the ideal offering If it is possible to get all this stuff done via web that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?