Due to complete my purchase in Tetbury next Tuesday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the bank 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 specific to conveyancing in Tetbury.
My apartment in Tetbury is up for sale and I have accepted an offer. Will the lawyer need to be required to be on the Santander conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
When it comes to mortgage companies such as TSB, do Tetbury conveyancers incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Tetbury conveyancing practitioner on the HSBC panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
After months of negotiation I have agreed a price on a house in Tetbury. My mortgage broker recommended their conveyancers. I paid an advanced payment of £175. A couple of days later, the lawyer contacted me embarrassingly acknowledging that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a house in Tetbury? or Apparently there is a law dating back centuries that means some owners of property residing in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this suitable for conveyancing in Tetbury?
Unless a previous purchase of the premises took place after 12 October 2013 you may assume that solicitors handling conveyancing in Tetbury to continue to recommend a chancel search and or insurance against a claim.
Do I need to be concerned that brokers that I am dealing with are encouraging me to use a national conveyancing firm rather than a local Tetbury conveyancing company?
As with lots of service providers, often recommendations from relatives can be extremely useful or valuable. But there are many parties with a keen interest in a conveyancing deal; estate agents, financial adviser and lenders may put forward solicitors to choose. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the endorsement. You have the right to appoint your own lawyer. Don't forget that the majority of mortgage providers specify a panel list of solicitors you have to use for the lender aspect of your house move.
My husband and I are 3 weeks into a residential purchase having been recommend to a firm by the estate agent to carry out the conveyancing in Tetbury. I am not happy. Can you you assist me in finding new lawyers?
They would need to be very bad to suggest diss instructing them. Has your mortgage been generated? If so you will need to make them aware of the new lawyer and get the offer are issued to the new lawyers. The conveyancer should be on the mortgage company panel to avoid supplemental expenses and frustration. So that should be your starting point. The find a solicitor tool will assist you in finding a bank approved solicitor for your home move in Tetbury