I am acquiring residence in Sefton. My property lawyer is not on the mortgage company approved list. Can I still appoint my Sefton conveyancing solicitor notwithstanding that they are not on the mortgage company list of approved lawyers?
One will need to have a conveyancer to complete the formalities when you require a mortgage to buy your home. They will conduct all the relevant legal checks on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage documentation is dealt with. You can select a Sefton lawyer of your choosing. Nevertheless, if the conveyancing practitioner appointed is not on the lender conveyancing panel supplemental fees will be levied as separate legal representation will be required by them. Bank panel applications may be submitted, so provided your lawyer has not previously applied for membership they can do so.
All was ready to complete my purchase in Sefton next Friday. 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?
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 instructions. These requirements are not specific to conveyancing in Sefton.
I purchased a freehold house in Sefton but nevertheless pay rent, why is this and what is this?
It is rare for properties in Sefton and has limited impact for conveyancing in Sefton 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My wife and I purchased a terraced Victorian house in Sefton. Conveyancing lawyer acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be 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 Sefton and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing solicitor who conducted the work.
I am looking into buying my first house which is in Sefton and I am already nervous. I couldn't find anything specific about Sefton. Conveyancing will be needed in due course but do you know about the Sefton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Sefton. In the meantime here are some basic statistics that we found
I am looking at a two maisonettes in Sefton both have about forty five years left on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
Leasehold Conveyancing in Sefton - Examples of Questions you should ask Prior to Purchasing
-
You should want to find out as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. You should not be shy to ask other people whether they are happy with their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. The answer will be helpful as a) areas may cause problems in the block as the communal areas may begin to deteriorate where maintenance are not paid for b) if the tenants have a dispute with the managing agents you will need to have full disclosure