I am hoping to move into my new home in Perivale 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 bank. What does the insurance need to cover?
Any lawyer 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 Perivale.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to use a high street conveyancing solicitor in Perivale?
You should check but the the likelihood is that allocate you one of their panel lawyers should you take up the "fee-free" offer. Call the lender to ask if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Perivale.
How does conveyancing in Perivale differ for newly converted properties?
Most buyers of new build residence in Perivale contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Perivale tend to buy the real estate, 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 used to new build conveyancing in Perivale or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Perivale is the location of the property. Can you offer any advice?
Flying freeholds in Perivale are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Perivale you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Perivale may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How do I search for a Perivale law firm on the Yorkshire Building Society conveyancing panel? I have wheels and am prepared to travel upto 20kilometers to meet the solicitor.
Feel free to make use of the facility on this page. Please select a lender and your location and you will see a number of Perivale conveyancing lawyers locally. We have detailed some Perivale conveyancing firms towards the end of this page and you can contact them to verify if they are on the Yorkshire Building Society panel