All was ready to complete my purchase in Tring next Monday. 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 mortgage company. 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 instructions. These obligations are not limited to conveyancing in Tring.
Having invested time reading online forums for an online solicitor in Tring, most advise that I should instruct a CQS accredited solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's biggest lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Council of Licensed Conveyancing. Tring is one of the many areas in England and Wales where there are Accredited lawyers.
four months have elapsed following my purchase conveyancing in Tring concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Tring I like with a park and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Tring in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Is it possible to switch solicitor as I need to appoint a firm on the Nationwide Building Society conveyancing list. I had appointed a high street conveyancing solicitor in Tring five minutes from me but he is not accepted by Nationwide Building Society
We will our best to assist in finding you a conveyancing solicitor in Tring on the Nationwide Building Society panel. Please note that the law firms that we list do not pay us commission if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in Tring. Using the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Tring.
I see that you have a search directory listing firms on the bank conveyancing panel. Do Tring conveyancing firms pay you a referral fee if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the mortgage company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Tring.