I am hoping to complete my purchase in Oxshott 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 mortgage company. What risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 conditions. These requirements are not specific to conveyancing in Oxshott.
How does conveyancing in Oxshott differ for new build properties?
Most buyers of new build residence in Oxshott contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Oxshott usually purchase 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 conveyancing solicitors 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 accustomed to new build conveyancing in Oxshott or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Oxshott is where the house is located. Can you offer any advice?
Flying freeholds in Oxshott are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Oxshott 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 Oxshott may decide 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 property.
Is it possible to transfer to a new firm as I need to select one who is on the Chelsea Building Society conveyancing list. I had appointed a high street conveyancing solicitor in Oxshott five minutes from me but the firm is not accepted by Chelsea Building Society
It would be our pleasure to help you select a conveyancing solicitor in Oxshott on the Chelsea Building Society panel. Please note that the property lawyers that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Oxshott. Using the find a conveyancing solicitor tool on this site, you can contrast fees for conveyancing solicitors in Oxshott and throughout England and Wales.
I need to retain a conveyancing solicitor for leasehold conveyancing in Oxshott. I happened to discover a site which seems to have the perfect offering If it is possible to get all the legals done via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?