I am hoping to complete my purchase in Vauxhall next Monday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
Any lawyer 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 requirements. These obligations are not unique to conveyancing in Vauxhall.
It is 10 years ago since I bought my home in Vauxhall. Conveyancing solicitors have now been retained on the sale but I am unable to track down the deeds. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be retained by the mortgage company or they could still be with the lawyers who handled your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Vauxhall involves registered property but in the rare situation where your home is not registered it is more of a problem but is not insurmountable.
We wanted to use a conveyancing solicitor in Vauxhall for our house purchase. Our broker informed us that our mortgage lenders Leeds Building Society won't deal with them. Why is this not regarded as unfair competition?
A bank will require a panel solicitor act for it. Borrowers are expected to bear the charges for this. Please make use of our search facility to locate a solicitor to conduct conveyancing in Vauxhall on the Leeds Building Society member panel.
We had appointed solicitors based in Vauxhall on the Coventry BS solicitor panel. They are now charging me an additional charge for the legal aspects of the Coventry BS mortgage. Is this a supplemental conveyancing fee set by Coventry BS?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer can levy a fee for this. The fee is not dictated by Coventry BS but by your Vauxhall conveyancing practitioner. Plenty of firms on the Coventry BS panel will quote an ‘acting for lender’ fee and others do not.
It is unclear whether my mortgage offer requires a lease extension. I have called my Vauxhall bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Vauxhall conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancer is on the mortgage company approved list, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I had an offer accepted on a house in Vauxhall on 10/9/2024, valuation was booked 3 days later, all came back fine. Conveyancer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Coventry BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Coventry BS conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a residence in Vauxhall? or I am told that there is a law dating back centuries that could mean that homeowners residing in a parish church boundary may be liable to contribute towards maintenance to the chancel within the church. Is this relevant for conveyancing in Vauxhall?
Unless a previous purchase of the property took place after 12 October 2013 you may assume that conveyancing practitioners carrying out conveyancing in Vauxhall to continue to suggest a chancel search and or insurance against a claim.