I am hoping to complete my purchase in Westbury Park next Thursday. My lawyer 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 mortgage company. What does the insurance need to cover?
All property lawyers on acting for banks 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 unique to conveyancing in Westbury Park.
We note that you have a search directory identifying law firms on the Nationwide conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Westbury Park?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Westbury Park.
Me and my partner are purchasing a house in Westbury Park. It might be a silly question but how we can trust a lawyer? At some point we have to put funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My bid for a property was accepted at auction in Westbury Park. Conveyancing is necessary. What is next?
Now that you are for all intents and purposes signed on the dotted line you now have to hire the services of a conveyancing solicitor as a matter of urgency as you are faced with a tight a fixed date to complete the property. All auction property should have a bespoke legal set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the auction papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You need to give this to the solicitor instructed by you at the earliest opportunity. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
I have a mortgage with Lloyds for my property in Westbury Park. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Lloyds must be informed of your intention in advance of letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel solicitor.
How does conveyancing in Westbury Park differ for new build properties?
Most buyers of new build residence in Westbury Park approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Westbury Park tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Westbury Park or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Westbury Park ahead of retaining solicitors. I have been advised that there is a flying freehold element to the house. My surveyor advised that some lenders will refuse to give a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different requirements from Halifax. If you e-mail us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Westbury Park. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Westbury Park to see if the conveyancing costs will increase in light of this.
Am I best advised to instruct a Westbury Park conveyancing solicitor who is local to the property I am purchasing? An old friend can perform the legal work but his firm is located 200kilometers drive away.
The primary upside of using a local Westbury Park conveyancing firm is that you can pop in to execute documents, deliver your identification documents and pester them if necessary. They will also have local intelligence which is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and they were happy that should trump using an unknown Westbury Park conveyancing lawyer solely due to them being Westbury Park based.