Due to move into my new home in Ruddington next Thursday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank expect the insurance 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 requirements. These requirements are not limited to conveyancing in Ruddington.
I purchased a freehold residence in Ruddington but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Ruddington and has limited impact for conveyancing in Ruddington 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 redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Do I have to visit the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Ruddington so that I can attend their offices when needed.
Most approved lawyers for mortgage companies conduct the vast majority of work via the post, e-mail or over the phone. This enables them to carry out the legal work for your home move regardless of where you live in England or Wales. However you should see if you can still book an appointment to visit conveyancing lawyer if needed.
Me and my brother purchased a terraced Victorian house in Ruddington. Conveyancing solicitor acted for me and Halifax. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the matching property. Is it worth asking Halifax to clarify?
You should assess 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ruddington 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 lenders. You can also check the situation with the conveyancing lawyer who carried out the work.
Last January I purchased a leasehold flat in Ruddington. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a studio flat in Ruddington, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Ruddington with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
You have 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 plus costs.
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 in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My wife and I have an offer in principle from National Westminster Bank who have advised that they will loan up to £400k. When do I need to appoint a practitioner for conveyancing? Ruddington is where we plan to move to.
You can appoint a solicitor now so that the solicitor can open the file so they can conduct their ID checks etc. If and when you wish them to commence work they will seek a deposit normally about £200. That should normally be once you have the loan offer from the bank and survey back, however should you wish to speed matters you can start quicker albeit risking some expense.