All was ready to move into my new home in Tavistock next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need 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 instructions. These obligations are not specific to conveyancing in Tavistock.
I am the registered owner of a freehold premises in Tavistock but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Tavistock and has limited impact for conveyancing in Tavistock 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Last month we had a mortgage agreed in principle with Aldermore. Tavistock conveyancing practitioners are selected. What is the average time that one could expect to receive a mortgage offer from Aldermore?
Some lenders take longer than others. Have Aldermore done the survey? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Tavistock. A rare aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Skipton your lawyer must check the conveyancing requirements set out in Part two of UK Finance Lenders’ Handbook for Skipton. The CML Handbook includes minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Skipton where a lease does not meet these specifications. The provisions relate to the installation of panels on properties countrywide and is not restricted to Tavistock.
I recently had an offer agreed on an apartment in Tavistock. My mortgage broker suggested a conveyancing practitioner. I paid an upfront payment of £175. A few days later, the conveyancer contacted me embarrassingly acknowledging that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who dealt with the conveyancing in Tavistock 10 years ago are no longer around. What are my next steps?
These day there are copies made of almost everything, and your solicitor will be aware precisely where to look for all the relevant documentation so you may buy or sell your property without any difficulty. If duplicates can’t be found, your conveyancer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on your property.
Estate agents have just been given the go-ahead to market my basement flat in Tavistock. Conveyancing solicitors are to be appointed soon, but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as you normally would as all rents and maintenance charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a 2 bed flat in Tavistock, conveyancing was carried out in 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Tavistock with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2094
You have 69 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
What could I expect to pay for conveyancing in Tavistock?
The amount you are charged for Tavistock conveyancing fees can differ significantly from solicitor to solicitor. In the circumstances it especially critical for you to have a complete summary of charges when you first instruct a conveyancer. It is advisable to find a couple quotes.