I am hoping to move into my new home in Green Street Green next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance 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 UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Green Street Green.
Why do I have to pay up front for conveyancing in Green Street Green?
Where you are retaining lawyers for conveyancing in Green Street Green your lawyer will ask you place them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the total price then this will be needed immediately ahead of exchange of contracts. The final balance that is due should be transferred a couple of days prior to the completion date.
I happen to be the sole recipient of my late father’s will with all property in now in my sole name, including the my former home in Green Street Green. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the house in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view banks take of it, depend on the mortgage company as this requirement is principally there to identify subsales or the wholesaling and assigning of property.
Does a directory service exist listing Yorkshire BS panel solicitors in Green Street Green on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings open the public online. Where you are in need of a Green Street Green conveyancing practitioner on the Yorkshire BS please make the most of our tool.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Green Street Green solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Green Street Green postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Green Street Green.
I have been told that property searches are the primary reason for obstruction in Green Street Green house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Green Street Green.
Should I instruct a Green Street Green conveyancing solicitor who is local to the property I am purchasing? An old friend can handle the conveyancing but they are based over three hundred kilometers drive away.
The primary upside of using a local Green Street Green conveyancing firm is that you can visit the firm to sign documents, present your ID and apply pressure on them where appropriate. Having local Green Street Green know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and the majority were content that must outweigh using an unfamiliar Green Street Green conveyancing solicitor just because they are local.