I am hoping to complete my purchase in St James next Tuesday. 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 bank. What does the insurance need 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 UK Finance Lenders’ Handbook instructions. These requirements are not unique to conveyancing in St James.
Why do I have to pay up front for my conveyancing in St James?
If you are buying a property in St James your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the conveyancing searches. When the down payment is payable against the purchase price then this will be needed immediately before exchange of contracts. The closing balance that is needed should be sent to your lawyer a couple of days ahead of the completion date.
This question may be naive but I am unexperienced as FTB of a two bedroom flat in St James. Do I pick up the keys to the premises on the completion date from my solicitor? If so, I will instruct a High Street conveyancing solicitor in St James?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you should be called to pick up the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
Are all St James Conveyancing Quality Solicitors on the HSBC conveyancing list of approved practices?
A selection of banks and building societies now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Is it the case that all St James solicitor firms on the Co-operative conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of lenders do allow licenced conveyancers on their panel and in such a situation the firms would be regulated by the CLC.
4 months have elapsed since my purchase conveyancing in St James concluded. I have checked the Land Registry website which shows that I paid £150,000 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 premises 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.
As co-executor for the will of my aunt I am disposing of a property in Monmouth but live in St James. My solicitor (who is 260 miles from mehas requested that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing lawyer in St James who can witness this legal document for me?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are located in St James
I bought a house in St James last 22/5/2023 and to date it is still not recorded with the Land Registry. It is part of a new estate and my solicitor told me that it can take twelve months to register. I have spoken with HMLR directly and they have informed me the initial application was cancelled due to failure to reply to requisitions. Do I need to be concerned?
It is your solicitor that you really need to get in touch with in order to satisfy any issues which have arisen as part of the registration process for your St James property. Normal St James conveyancing practice includes an undertaking on the part of the previous owner’s property lawyer that they will help resolve any requirements raised by HMLR so it may be a case of taking action to enforce that undertaking in some way.