I am hoping to complete my purchase in Caldicot next Thursday. 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 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 Part 2 requirements. These requirements are not limited to conveyancing in Caldicot.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Caldicot. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this allowed?
Given you intend to refinance then Aldermore will insist on your using a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
I completed on my house on 11 November and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Caldicot expressed confidence that it should be dealt with in less than a month. Are transfers in Caldicot particularly slow to register?
There is nothing unique when it comes to conveyancing in Caldicot registration formalities. Rather than based on location, timeframes can adjust according to the party submitting the application, whether there are errors and whether the Land registry communicate with any other parties. At present approximately three quarters of submission are fully addressed within two weeks but occasionally there can be extensive delays. Historically registration occurs once the new owner is living at the premises thus 'speed' is not always top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Caldicot differ for newly converted properties?
Most buyers of new build property in Caldicot approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Caldicot usually purchase the land, 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 conveyancers 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 Caldicot or who has acted in the same development.
I am thinking of appointing a conveyancing solicitor in Caldicot for my house move. Is it possible to check a solicitor's record with the legal regulator?
Members of the public may search for presented Solicitor Regulator Association (SRA) decisions arising from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA sometimes recorded call for training requirements.