We selected a high street lawyer for our conveyancing in Sipson last week. Upon checking the Terms and Conditions I seeI am responsible for charges even if the dealdoes not proceed. Should I go with them or use a web based firm promoting no completion no charge conveyancing in Sipson?
It is usually ‘give and take’ in that if "No Sale No Fee" is available then the fee levels will tend to be be higher to offset the transactions that do not go ahead. Also remember that these deals rarely protect you from outlay e.g. Sipson conveyancing search charges.
I am hoping to complete my purchase in Sipson next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the lender 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 instructions. These requirements are not limited to conveyancing in Sipson.
What does my ID and proof of funds have anything to do with my conveyancing in Sipson? Why is this being asked of me?
Sipson conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Proof of source of monies is also required under the money laundering statutes as lawyers have a duty to investigate that the money you are using to purchase a property (be it the exchange deposit or the full purchase monies where you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the proceeds of criminal activity.
Should my lawyer be making enquiries concerning flooding during the conveyancing in Sipson.
Flooding is a growing risk for conveyancers dealing with homes in Sipson. Plenty of people will buy a house in Sipson, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Sipson. The conventional set of information given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to find out if the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser may commence a compensation claim stemming from an inaccurate response. A purchaser’s solicitors should also commission an enviro search. This will higlight whether there is any known flood risk. If so, further inquiries will need to be carried out.
I'm buying a new build house in Sipson with a mortgage from The Mortgage Works. The sellers would not budge the price so I negotiated 6k of additionals instead. The estate agent suggested that I not reveal to my lawyer about the side-deal as it may jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Sipson is where the house is located. Can you offer any guidance?
Flying freeholds in Sipson are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sipson you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sipson may ascertain 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.