Due to complete my purchase in Snowdonia 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 lender. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for banks 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 conditions. These requirements are not unique to conveyancing in Snowdonia.
We note that you have a post code search directory listing firms on the Coventry BS conveyancing panel. Do firms pay you a commission if I instruct them for our conveyancing in Snowdonia?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Snowdonia.
Do I have to visit the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Snowdonia so that I can attend their offices if necessary.
As opposed to 12 years ago, almost all banks no longer require their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to hand over ID documents and there are still distinct benefits to using a local ayer, in your case a conveyancing solicitor in Snowdonia.
Should our lawyer be raising enquiries regarding flooding during the conveyancing in Snowdonia.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Snowdonia. Some people will buy a house in Snowdonia, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous checks that may be undertaken by the purchaser or by their lawyers which should give them a better understanding of the risks in Snowdonia. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to find out if the property has suffered from flooding. If the premises has been flooded in past and is not revealed by the vendor, then a buyer could issue a compensation claim as a result of such an inaccurate response. A buyer’s solicitors may also order an environmental report. This will indicate whether there is a recorded flood risk. If so, additional inquiries should be conducted.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Snowdonia?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Snowdonia. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
We're FTB’s - had an offer accepted, yet the property agent advised that the vendor will only proceed if we use their chosen conveyancers as they need a ‘quick sale’. We would rather use a high street conveyancer used to conveyancing in Snowdonia
It is improbable the owners are driving this. Should the vendor want ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are ready to go, with finances in place © you do not need to sell (d) you wish to move quickly (e)but you intend to appoint your preferred Snowdonia conveyancing firm - not the ones that will earn the negotiator at the agency a kickback or hit his conveyancing thresholds demanded by HQ.