All was ready to move into my new home in Shadwell next Monday. 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 bank expect the insurance to cover?
All property lawyers 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 requirements. These obligations are not unique to conveyancing in Shadwell.
My brother-in-law has suggested I instruct a conveyancing solicitor in Shadwell. I I am struggling to find out whether they are on the Godiva Mortgages Ltd approved list of lawyers. Can you help?
You should e-mail the solicitor and ask them if they are on the lender panel. Otherwise please get in touch with Godiva Mortgages Ltd who may be able to help.
We previously appointed conveyancers based in Shadwell on the Virgin Money solicitor panel. They are now charging me an additional amount for dealing with the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer is entitled to charge a fee for this. The fee is not dictated by Virgin Money but by your Shadwell lawyer. Plenty of firms on the Virgin Money panel will charge an ‘acting for lender’ fee but some practices include it on their overall fee.
I am expecting a OIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Shadwell solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Shadwell solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
Nottingham have agreed my mortgage in principle, my bid on a house in Shadwell has been accepted, what happens next?
The property agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s approved list). Contact Nottingham or your financial adviser and finalise any appropriate forms. Nottingham will appoint a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Nottingham will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Shadwell.
Will commercial conveyancing searches reveal proposed roadworks that may impact a commercial premises in Shadwell?
Its becoming the norm that commercial conveyancing solicitors in Shadwell will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Shadwell. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Shadwell.
For each commercial conveyancing transaction in Shadwell it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Shadwell commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Shadwell.
I am purchasing my first flat in Shadwell benefiting from help to buy. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not disclose to my solicitor about the extras as it could adversely affect my loan with Bank of Scotland. 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.
Should one remove a deceased person's details from the title register for a house in Shadwell?
If a Shadwell property is jointly owned and one of the owners passes away, the name will not immediately be removed from the title deeds. It is not necessary to remove their name as when it comes to a disposal you would just be asked to evidence as to the reason the joint proprietor is missing from the conveyance, such as the probate documents.
With the aim of making the sale conveyancing more straight forward for the sale of the property you may apply to have the deceased party erased from the title by applying to HMLR with proof of the death. There is no land registry fee payable.