Due to complete my purchase in Banwell next Monday. 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 lender. 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 obligations are not limited to conveyancing in Banwell.
I own a freehold premises in Banwell yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Banwell and has limited impact for conveyancing in Banwell but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
When it comes to mortgage companies such as RBS, do Banwell lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Completion of my remortgage has taken place for my property in Banwell. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
About to purchase house in Banwell. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Banwell lawyer is on the Yorkshire BS conveyancing panel.
We are buying a property and the conveyancer has identified Chancel Repair to which the house may be liable as it falls into the area of such a church. She has suggested insurance. Is this really appropriate for conveyancing in Banwell
Unless a previous purchase of the house completed post 12 October 2013 you can assume that lawyers delivering conveyancing in Banwell to remain encouraging a chancel search and or chancel repair liability policy.
Is there anything unique about your site and alternative online quote calculators when it comes to conveyancing in Banwell?
At this site obtain a fixed fee quote from a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Banwell. As opposed to estate agents and brokerage sites we do not operate commission deals with solicitors. Some agents and online brokers 'recommend' solicitors who pay the most kickback, rather than the best value conveyancing in Banwell
Having checked my lease I have discovered that there are only 68 years remaining on my flat in Banwell. I now wish to get lease extension but my freeholder is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you have done all that could be expected to find the lessor. In some cases a specialist should be helpful to conduct investigations and to produce an expert document to be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the application to the County Court overseeing Banwell.
I bought a 1st floor flat in Banwell, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Banwell with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2088
You have 62 years left to run we estimate the premium for your lease extension to be between £17,100 and £19,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.