Due to complete my purchase in Potters Bar next Monday. 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 lender 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 Part 2 instructions. These requirements are not unique to conveyancing in Potters Bar.
Can I use your services to locate a Conveyancing solicitor in Potters Bar even if I’m not purchasing or disposing of a house, for instance if I want to acquire a shop in Potters Bar with a loan from Coventry Building Society?
The service is predominantly used to find domestic conveyancing solicitors in Potters Bar but we have listed towards the bottom of this page a few Potters Bar commercial conveyancing firms. You should speak with the firm directly to establish if they can also act for Coventry Building Society
We had selected conveyancing lawyers locally in Potters Bar on the Yorkshire BS solicitor approved list. They have just billed me a supplemental sum for dealing with the Yorkshire BS mortgage. Is this an additional conveyancing fee specified by Yorkshire BS?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by Yorkshire BS but by your Potters Bar lawyer. Plenty of firms on the Yorkshire BS panel will charge an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
I am currently in the process of buying my council flat in Potters Bar. I have a mortgage agreed with TSB. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
The mortgage over my property is with Leeds Building Society for my property in Potters Bar. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
You must advise Leeds Building Society prior to letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel firm.
I'm buying a new build house in Potters Bar with the aid of help to buy. The sellers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not disclose to my conveyancer about the side-deal as it could impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Potters Bar is the location of the property. Can you shed any light on this issue?
Flying freeholds in Potters Bar are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Potters Bar you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Potters Bar may decide 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 premises.
I need to retain a conveyancing solicitor for my conveyancing in Potters Bar. I have stumble upon a site which appears to be the ideal offering If it is possible to get all formalities completed via phone 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?