Due to complete my purchase in Cranleigh next Tuesday. My solicitor 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 lender. 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 Part 2 requirements. These obligations are not unique to conveyancing in Cranleigh.
I own a freehold premises in Cranleigh but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Cranleigh and has limited impact for conveyancing in Cranleigh 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 fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Do I have to attend the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Cranleigh so that I can attend their offices if required.
Most conveyancing panel lawyers for mortgage companies carry out the vast majority of work via Royal Mail, internet or over phone calls. This means that they can undertake the legal work for your home move regardless of where you live in the country. However you should check if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
Should my conveyancer be raising enquiries regarding flooding as part of the conveyancing in Cranleigh.
Flooding is a growing risk for lawyers dealing with homes in Cranleigh. Plenty of people will acquire a property in Cranleigh, completely expectant 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 get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a various checks that may be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Cranleigh. The conventional set of information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to discover if the property has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a buyer could commence a compensation claim as a result of such an inaccurate response. The buyer’s lawyers may also conduct an enviro report. This will reveal if there is any known flood risk. If so, additional inquiries will need to be conducted.
The estate agent has sent us the confirmation of our purchase of a new build flat in Cranleigh. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Cranleigh
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Do I need to be suspicious that 3rd parties that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Cranleigh conveyancing practice?
As with many professional services, often recommendations from connections can be very helpful. But there are numerous players in a conveyancing matter; estate agents, mortgage brokers and lenders may suggest solicitors to choose. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the discretion to appoint your own conveyancer. You need to be aware that the majority of banks specify a panel list of solicitors you are obliged to use for the lender aspect of your house move.