Due to complete my purchase in Tyne And Wear next Thursday. 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 mortgage company. 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 UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Tyne And Wear.
I own a freehold property in Tyne And Wear yet charged rent, why is this and what is this?
It’s unusual for properties in Tyne And Wear and has limited impact for conveyancing in Tyne And Wear 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 from 1977 onwards.
Previous 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.
Do I have to attend the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Tyne And Wear so that I can pop in to their offices when needed.
As opposed to 12 years ago, almost all mortgage companies no longer require their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to provide identification documents and there are still manifest benefits to instructing a local ayer, in your situation a conveyancing solicitor in Tyne And Wear.
What will a local search inform me about the house I am buying in Tyne And Wear?
Tyne And Wear conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays a central role in many a Tyne And Wear conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The conveyancers who handled the conveyancing in Tyne And Wear 10 years ago have long since closed. Will I be able to sell the house?
Nowadays there are copies made of almost everything, and your conveyancer should be aware exactly where to locate all the relevant paperwork so you can purchase or dispose of your property without a hitch. Where duplicates can’t be located, your lawyer may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on the premises.
I own a leasehold flat in Tyne And Wear. Conveyancing and Barnsley Building Society mortgage went though with no issue. 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 1998. The conveyancing solicitor in Tyne And Wear who previously acted has long since retired. Do I pay?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Tyne And Wear conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a studio flat in Tyne And Wear, conveyancing formalities finalised April 2003. Can you work out an approximate cost of a lease extension? Equivalent flats in Tyne And Wear with an extended lease are worth £191,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2079
With 53 years unexpired the likely cost is going to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.