Due to move into my new home in Kidlington next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the mortgage company expect the insurance to cover?
Any lawyer 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 Kidlington.
I own a freehold residence in Kidlington but nevertheless charged rent, why is this and what is this?
It is rare for properties in Kidlington and has limited impact for conveyancing in Kidlington 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
The Kidlington conveyancing solicitors that just started acting on my house acquisition in Kidlington have without warning shut down. I chose them because I had to have a firm on the Nottingham conveyancing panel and my preferred Kidlington lawyer was not. I paid them money in advance. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
Should my solicitor be making enquiries about flooding during the conveyancing in Kidlington.
Flooding is a growing risk for lawyers dealing with homes in Kidlington. There are those who buy a house in Kidlington, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their lawyers which will figure out the risks in Kidlington. The standard property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to find out whether the property has historically flooded. In the event that the premises has been flooded in past and is not notified by the owner, then a purchaser may bring a claim for damages as a result of such an misleading response. The buyer’s conveyancers should also commission an enviro report. This will disclose if there is a recorded flood risk. If so, further investigations will need to be conducted.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Kidlington is the location of the property. Can you shed any light on this issue?
Flying freeholds in Kidlington are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kidlington you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kidlington may ascertain 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 premises.
I need to find a lender panel solicitor in Kidlington. Could you help me?
It is not clear why you need a Kidlington panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Kidlington are on their panel . If you do find such a firm in Kidlington not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site