I am hoping to complete my purchase in Frant 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 mortgage company. 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 instructions. These obligations are not specific to conveyancing in Frant.
I purchased a freehold property in Frant but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Frant and has limited impact for conveyancing in Frant 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 date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We previously chose solicitors located in Frant on the Bank of Ireland solicitor approved list. They have just billed me a further amount for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your property lawyer is entitled to levy a fee for this. This charge is not set by Bank of Ireland but by your Frant conveyancer. Numerous firms on the Bank of Ireland panel will quote an ‘acting for lender’ fee and others do not.
My wife and I are spending time looking at houses in Frant and I am now considering a potential offer. Is it best to have a lawyer on ‘stand by’? I will be getting a home loan with Kent Reliance.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are seeking a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
I currently have a mortgage with Co-operative for my property in Frant. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
Co-operative must be informed of your intention before renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel solicitor.
I used Arc property Solicitors a few years ago for my conveyancing in Frant. Now, I need the documents but cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Frant of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Frant. 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.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Frant
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Due to the encouragement of my in-laws I had a survey completed on a property in Frant in advance of retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some lenders tend refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Frant. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Frant to see if the conveyancing costs will increase in light of this.