Due to move into my new home in Abersychan next Thursday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank expect the insurance 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 requirements are not specific to conveyancing in Abersychan.
Having sold my house in Abersychan last November but my buyer keeps Skype messaging every few hours to moan that her solicitor needs to hear from mine. What are the post completion sale legalities now that I have sold?
Following your house sale your lawyer is committed to send the transfer documentation and all supplemental paperwork to the buyer’s lawyers. Depending on the transaction, your conveyancer should also send confirmation that the mortgage has been paid off to the purchasers lawyers. There is unlikely to be post completion procedures just for conveyancing in Abersychan.
is it true that all Abersychan solicitor practices on the UBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the UBS conveyancing panel they would need to be regulated by the SRA. The majority of banks do permit licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I had a mortgage agreed in principle with Yorkshire BS. Abersychan conveyancing lawyers have been selected. How long does it take for Yorkshire BS to issue the offer to the solicitor?
There is no definitive answer here. Have Yorkshire BS completed the survey? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The formalities of my remortgage has taken place for my property in Abersychan. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Due to the advice of my in-laws I had a survey completed on a property in Abersychan ahead of appointing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will refuse to give a mortgage on such a property.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further 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 Abersychan. Conveyancing will be smoother if you use a solicitor in Abersychan especially if they are familiar with such properties in Abersychan.
Our solicitor in Abersychan has uncovered a defect with the lease for the flat we are buying in Abersychan. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.