All was ready to complete my purchase in Romney next Monday. My property lawyer now wants me to supply her with evidence 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 UK Finance Lenders’ Handbook conditions. These requirements are not specific to conveyancing in Romney.
My aunt passed away last year and as sole heir and executor I was left the house in Romney. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this possible?
Where you intend to refinance then UBS will require that you use a conveyancer on the UBS 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 UBS 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 UBS mortgage is registered as a charge at the Land Registry.
Me and my brother own a terraced Victorian property in Romney. Conveyancing lawyer acted for me and Alliance & Leicester . I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the exact same address. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Romney and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing practitioner who conducted the purchase.
I opted to have a survey carried out on a house in Romney prior to appointing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies may refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Romney. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Romney to see if the conveyancing costs will increase in light of this.
Hoping to buy a property located in Romney and I am already nervous. I couldn't find anything specific about Romney. Conveyancing will be needed in due course but do you know about the Romney area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Romney. In the meantime here are some basic statistics that we found
My wife and I purchased a leasehold flat in Romney. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Romney who previously acted has now retired. Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Romney conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a basement flat in Romney, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Romney with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2078
With just 52 years left to run we estimate the price of your lease extension to span between £29,500 and £34,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.