All was ready to move into my new home in Sandhurst next Friday. My conveyancing practitioner 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 bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer 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 UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Sandhurst.
We note that you have a post code search directory listing law firms on the Skipton conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Sandhurst?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Sandhurst.
I am considering applying for a Principality mortgage for purchase of a new build (under development) in Sandhurst with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
There is nothing to stop you using your solicitor, but Principality will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am helping my step-mother sell her flat in Sandhurst. Does the conveyancer commission an EPC or it is for the owner to coordinate?
After the abolition of Home Packs, EPC’s was maintained a required element of moving property. An EPC needs to be commissioned in advance of the property being placed on the market. This is not as aspect of the sale process that lawyers normally organise. If you are instructing a Sandhurst conveyancing practitioner they might help arrange EPC’s given their contacts with reputable local energy assessors
My solicitor has informed me that absentee landlord insurance is required on my purchase. What is the level of cover for Sandhurst conveyancing?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Yorkshire Building Society and The Mortgage Works. Conveyancing practitioners as opposed to members of the public take out such policies.
After what seems like an age I have had an offer on an apartment in Sandhurst agreed to, the sellers do however have a dependent purchase. The owners have offered on a property, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have selected a high street conveyancing solicitor in Sandhurst. What should be my next step? At what point should I apply for the mortgage with TSB?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then valuation, Sandhurst conveyancing search charges, etc). The first thing to do is check that your conveyancer is on the TSB approved list. Regarding the next phase this very much depends on the uniqueness of your case, motivation for this property and on the state of the market. In a buoyant market the majority of home buyers will apply for a home loan with TSB and pay for the valuation and only if it was satisfactory would they ask their conveyancer to move forward with the conveyancing in Sandhurst.
I have been told that property searches are a common cause of delay in Sandhurst house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Sandhurst.
It has been 3 months since my purchase conveyancing in Sandhurst concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.