Due to complete my purchase in Limbury next Tuesday. 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 lender. What risks does the bank expect the insurance to cover?
All property lawyers 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 limited to conveyancing in Limbury.
I am the registered owner of a freehold house in Limbury but still charged rent, why is this and what is this?
It is rare for properties in Limbury and has limited impact for conveyancing in Limbury 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 post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Are there any apps to assist me to search for a Limbury solicitor on the Halifax conveyancing panel? I am a keen cyclist and am prepared to travel upto 20miles to meet the solicitor.
Feel free to make use of the tool on this page. Please choose the mortgage company and your location and you will see a number of Limbury conveyancing lawyers located nearest you. We have listed some Limbury conveyancing firms at the bottom of this page and you can telephone them to see if they are on the Halifax member panel
My cousin has recommend that I instruct his conveyancing solicitors in Limbury. Should I use them?
Much as we are happy to recommend a Limbury conveyancing lawyer the best way to select a conveyancing solicitor is to have referrals from friends or relatives who have actually previously instructed the solicitor that you are considering.
I am looking at a two maisonettes in Limbury which have about forty five years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Limbury is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Limbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Limbury Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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What is the name of the managing agents? Many Limbury leasehold flats will have a service charge for maintenance of the building levied by the management company. If you buy the flat you will have to pay this charge, normally quarterly during the year. This could be anything from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge to be met annual, this is usually not a large figure, say around £50-£100 but you need to enquire it because sometimes it could be surprisingly expensive.
Our conveyancer in Limbury has identified a a legal deficiency with the lease for the apartment we are purchasing in Limbury. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Limbury conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company