All was ready to complete my purchase in Stockbridge Village 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 risks does the mortgage company expect the insurance to cover?
All property lawyers 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 obligations are not specific to conveyancing in Stockbridge Village.
As a first time buyer what is the most important advice you can give me about purchase conveyancing in Stockbridge Village?
You may not hear this from too many lawyers but conveyancing in Stockbridge Village and elsewhere in Merseyside is often a confrontational experience. In other words, when it comes to conveyancing there exists plenty of room for conflict between you and others involved in the transaction. For example, the vendor, property agent and even potentially a bank. Choosing a lawyer for your conveyancing in Stockbridge Village an important selection as your conveyancer is your adviser, and is the ONE party in the transaction whose role it is to look after your best interests and to keep you safe.
We are witnessing a definite emergence in the "blame" culture- someone must be blamed for the process taking so long. We recommend that you your first instinct should be to trust your lawyer above the other players in the conveyancing process.
I had a mortgage agreed in principle with Nationwide. Stockbridge Village conveyancing solicitors have been appointed. How long does it take for Nationwide to send the offer to the solicitor?
There is no definitive answer here. Have Nationwide completed the valuation? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We have agreed to purchase a house in Stockbridge Village. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Bank of Ireland be concerned?
Given that your lender is Bank of Ireland your lawyer must follow the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook contains minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Bank of Ireland where a lease fails to comply with these specifications. The conditions relate to the installation of panels on properties nationwide and is not restricted to Stockbridge Village.
About to purchase maisonette in Stockbridge Village. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Stockbridge Village conveyancer is on the UBS conveyancing panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Stockbridge Village?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Stockbridge Village. 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…’
Due to the advice of my in-laws I had a survey completed on a house in Stockbridge Village in advance of appointing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some banks will not grant a loan on this type of premises.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stockbridge Village. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stockbridge Village to see if the conveyancing will be more expensive.
I was informed by my bank that their panel conveyancers operate no move no charge basis for conveyancing in Stockbridge Village. Our purchase did not proceed yet the lawyers have requested search fees! They are stating that the fees are seperate!
in offering "no sale no fee" Stockbridge Village conveyancing practices are foregoing their charges for any work carried out. We must stress this is not to be regarded as an insurance scheme. you will still need to cover any charges that your conveyancing practitioner has incurred for you for instance Stockbridge Village local authority checks