I am hoping to move into my new home in Treorchy next Thursday. 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 mortgage company. What risks does the mortgage company expect the insurance to cover?
Any lawyer 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 conditions. These obligations are not unique to conveyancing in Treorchy.
I own a freehold house in Treorchy yet invoiced for rent, why is this and what is this?
It is rare for properties in Treorchy and has limited impact for conveyancing in Treorchy 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 new 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 in 2037 will be dispensed with completely.
Are there restrictive covenants that are commonly identified during conveyancing in Treorchy?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Treorchy. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
The estate agent has sent us the confirmation of our purchase of a new build flat in Treorchy. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Treorchy
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
My partner has suggested that I use his lawyers for conveyancing in Treorchy. Should I use them?
No doubt it’s preferable to select a conveyancing lawyer is to seek referrals from friends or relatives who have actually experience in using the conveyancer you're contemplating using.
My fiance and I are purchasing a three room maisonettein Treorchy with a home loan from a bank. We like our lawyer in Treorchy yet our bank says she’s not approved on their "panel". It seems we have little choice but to instruct one of the our mortgage company panel firms or stay with our Treorchy solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The lender home loan offered to you is subject to conditions, one of which will be that lawyers will on the lender's conveyancing panel. in the past, most lenders had open panels, including many conveyancing solicitors in Treorchy : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your lender.