All was ready to move into my new home in Mold next Friday. My solicitor 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 lender. What risks does the lender 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 obligations are not limited to conveyancing in Mold.
I just acquired a property at auction in Mold. Conveyancing is needed. What are my next steps?
Having legally bound yourself to purchase you now have to instruct a conveyancing practitioner as a matter of urgency as you are faced with a pending a drop dead date to complete the property. An auction property will have a bespoke legal set of papers. This will include evidence of title and search results. In the case of leasehold premises the legal pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You should hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are organised to complete on the on the contractual date .
I recently had an offer agreed on an apartment in Mold. My mortgage broker suggested a property lawyer. I paid an advanced payment of £200. Not long after, the conveyancer called me sheepishly admitting that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Virgin Money have agreed my mortgage in principle, my offer on a apartment in Mold has been agreed to, what are the next steps?
Your property agent will need to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Telephone Virgin Money or your broker and finalise any relevant documentation. Virgin Money will appoint a valuer who will get in contact with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about a fortnight to receive the mortgage offer. Virgin Money will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Mold.
five months have gone by since my purchase conveyancing in Mold concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Mold differ for new build properties?
Most buyers of new build premises in Mold contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Mold tend to 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 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 used to new build conveyancing in Mold or who has acted in the same development.
When it comes to my conveyancing in Mold should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Mold conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.