I am hoping to move into my new home in Cranleigh next Friday. 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 risks does the mortgage company expect the insurance 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 UK Finance Lenders’ Handbook requirements. These requirements are not unique to conveyancing in Cranleigh.
It is a dozen years since I acquired my house in Cranleigh. Conveyancing lawyers have just been instructed on the sale but I am unable to find the deeds. Is this a major issue?
Don’t worry too much. First the deeds may be kept by the lender or they may be in the possession of the solicitor who handled your purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Cranleigh involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
I am the sole beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Cranleigh. The Cranleigh property was put into my name in September. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as if I'd bought the property in September. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many lenders would take a sensible view as this provision principally exists to pick up on subsales or the wholesaling and assigning of property.
I am due to exchange contracts on my apartment. I had a double glazing fitted in June 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nationwide are being problematic. The Cranleigh solicitor who is on the Nationwide conveyancing panel is recommending indemnity insurance as a solution but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Yorkshire BS have agreed my home loan in principle, my bid on a property in Cranleigh has been accepted, now what?
The property agent will need to be informed of your solicitor's details (ensure that the property lawyers are on the lender’s approved list). Contact Yorkshire BS or your broker and complete any appropriate forms. Yorkshire BS will sellect a valuer who will get in contact with the estate agent or vendor to arrange a slot for the valuation to take place. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Yorkshire BS will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Cranleigh.
I'm buying a new build house in Cranleigh with a loan from Barnsley Building Society. The developers would not budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not to tell my solicitor about the deal as it will jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Cranleigh is the location of the property. Can you offer any advice?
Flying freeholds in Cranleigh are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cranleigh you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cranleigh may determine 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 residence.
Can you suggest a conveyancer for conveyancing in Cranleigh (or within close proximity)? It is for a sale and purchase.My partner and I did have one selected but just discovered that they can't deal with Aldermore.
The purpose of this site is limited to being a directory service for lawyers who wish to be listed as being on the approved conveyancing panel for Aldermore in certain areas such as Cranleigh . Our intention is not to recommend any particular conveyancing practitioner.