Due to complete my purchase in Chinatown next Friday. My solicitor now wants me to supply her with evidence 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 risks does the lender expect the insurance to cover?
All property lawyers 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 conditions. These obligations are not limited to conveyancing in Chinatown.
Should our lawyer be raising enquiries regarding flooding during the conveyancing in Chinatown.
Flooding is a growing risk for solicitors dealing with homes in Chinatown. Plenty of people will buy a house in Chinatown, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or by their solicitors which should give them a better understanding of the risks in Chinatown. The standard property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to discover if the property has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the seller, then a purchaser may issue a legal claim for losses resulting from an misleading answer. The purchaser’s solicitors should also order an environmental report. This should higlight whether there is any known flood risk. If so, further inquiries should be conducted.
How does conveyancing in Chinatown differ for newly converted properties?
Most buyers of new build property in Chinatown contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Chinatown tend to buy the site, 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 Chinatown or who has acted in the same development.
What makes your site different to other web based conveyancing solicitors when it comes to conveyancing in Chinatown?
At this site secure an accurate costs illustration from a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Chinatown. Unlike many estate agents and brokerage sites we are not in the business of charging firms a commission if you appoint them for your home move in Chinatown
My conveyancer in Chinatown is asking me for proof of ID documents stating that this is part of his obligations as a solicitor on the mortgage company Conveyancing panel. Is this right?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not specific to conveyancing in Chinatown