My partner and I are planning to acquire a flat in Farringdon and are in fact using a Farringdon conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this morning contacted us to advise us that there is now an issue as our Farringdon lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Farringdon lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Due to complete my purchase in Farringdon next Monday. 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 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 requirements are not limited to conveyancing in Farringdon.
Having sold my house in Farringdon last October yet the purchaser is SMS messaging me to say their lawyer needs to hear from mine. What are the post completion sale legalities following completion?
Following your house sale your solicitor is committed to send the transfer documentation and all of the paperwork to the purchaser's solicitors. Where relevant, your solicitor must also confirm that the legal charge in favour of the lender has been paid off to the buyers conveyancers. There is unlikely to be post completion tasks just for conveyancing in Farringdon.
Due to the advice of my in-laws I had a survey completed on a property in Farringdon prior to instructing conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some banks will refuse to give a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Farringdon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Farringdon to see if the conveyancing will be more expensive.
I need to appoint a conveyancing solicitor for freehold conveyancing in Farringdon. I've stumble across a web site which seems to have the ideal offering If it is possible to get all this stuff done via phone that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?