All was ready to complete my purchase in Temple next Tuesday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer 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 Part 2 conditions. These requirements are not specific to conveyancing in Temple.
I have been told that property searches are the primary cause of stalling in Temple house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Temple.
I am buying a new build house in Temple with the aid of help to buy. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about the deal as it will jeopardize my loan with Virgin Money. Do I keep my lawyer in the dark?.
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.
What tools are available to identify a Temple solicitor on the Lloyds TSB Bank conveyancing panel? I have wheels and am prepared to travel upto 20miles to meet the conveyancer.
Feel free to make use of the search on this website. Please choose the mortgage company and your location and you will see a number of Temple conveyancing lawyers located nearest you. We have detailed some Temple conveyancing firms towards the end of this page and you can ring them to verify whether they are on the Lloyds TSB Bank approved list
Is it best to go with a Temple conveyancing solicitor who is local to the property I am hoping to buy? An old friend can carry out the conveyancing however her office is a couple of hundredkilometers away.
The benefit of a local Temple conveyancing firm is that you can pop in to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Temple know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and on the whole were impressed that must outweigh using an unknown Temple conveyancing lawyer solely due to them being round the corner.
I have chosen a Temple conveyancing solicitor for our home move (novice purchasers) and have noticed in the terms and conditions that they are not regulated by the FCA. Am I right to be concerned or is that the norm with lawyer?
We can't see why they should be. Most solicitor don't lend money. They should be regulated by the Solicitors Regulation Authority, who set strict laws in relation to amounts held in their bank.