All was ready to move into my new home in St Asaph next Thursday. 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?
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 Part 2 conditions. These obligations are not specific to conveyancing in St Asaph.
The St Asaph conveyancing firm that I appointed last week on my purchase in St Asaph have suddenly closed. They were on acting for me because I had to have a lawyer on the Nottingham conveyancing panel and my previous St Asaph lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when acquiring a house in St Asaph?
Unless a prior acquisition of the property took place after 12 October 2013 you can take it that lawyers delivering conveyancing in St Asaph to continue to advocate a chancel search and or insurance against a claim.
How does conveyancing in St Asaph differ for new build properties?
Most buyers of new build residence in St Asaph come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because developers in St Asaph typically purchase 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 property lawyers 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 St Asaph or who has acted in the same development.
I'm selling a house in St Asaph. I can find my conveyancer's company on the Law Society's list, but I can't see my lawyer's name as listed on the regulator's website. Should I be concerned?
Not every individual in the law firm must be listed by the regulator. As long there is someone qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.