Due to complete my purchase in Middleton 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 does the insurance need to cover?
All property lawyers 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 UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Middleton.
I am the registered owner of a freehold premises in Middleton but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Middleton and has limited impact for conveyancing in Middleton 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 from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My uncle passed away last year and as sole heir and executor I was left the house in Middleton. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this allowed?
If you intend to refinance then Principality will insist on your using a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Middleton I like with open areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Middleton in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
We're new to the buying process - agreed a price, yet the estate agent told us that the vendor will only go ahead if we use their chosen lawyers as they are insisting on an ‘expedited deal’. We would rather use a high street solicitor with experience of conveyancing in Middleton
It is improbable the owners are behind this. Should the vendor desire ‘a quick sale', taking such a hostile approach to a genuine buyer is going to damage their objectives. Speak to the vendors direct and explain that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you are going to use your preferred Middleton conveyancing firm - as opposed tothose that will give the estate agent a referral fee or meet his conveyancing thresholds demanded by senior management.
I bought a house in Middleton last 9/8/2024 and to date it is still not registered with HM Land Registry. It was part of a development site and my property lawyer told me that it can take 12 months to register. I have called the Land Registry directly and they say that the initial application was cancelled due to questions not being addressed in time. Should I be concerned?
It is your lawyer that you really need to get in touch with in order to satisfy any issues which have arisen as part of the registration process for your Middleton property. Normal Middleton conveyancing practice includes an undertaking on the part of the previous owner’s conveyancing practitioner that they will assist in resolving any question raised by HMLR so it may be a case of taking action to enforce that undertaking in some way.