I am hoping to move into my new home in Wheathampstead next Thursday. My property 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 lender 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 Part 2 conditions. These requirements are not limited to conveyancing in Wheathampstead.
I own a freehold house in Wheathampstead but still pay rent, why is this and what is this?
It’s unusual for properties in Wheathampstead and has limited impact for conveyancing in Wheathampstead 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We wish to acquire a newly converted apartment in Wheathampstead with a mortgage from Platform Home Loans Ltd.We like our Wheathampstead conveyancing practitioner but Platform Home Loans Ltd informed us he's not listed on their approved list of member firms. We have to appoint a Platform Home Loans Ltd panel firm or retain our high street solicitor and pay for a Platform Home Loans Ltd panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan offered to you contains various provisions, a common one being that solicitors must be on the Platform Home Loans Ltd approved list. in the past, most banks had large numbers of law firms on their panels: 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 lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
I am looking for a conveyancing practitioner in Wheathampstead for my house move. Can I check a solicitor's complaints history with the legal regulator?
Anyone may see documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training purposes.
I've recently bought a leasehold house in Wheathampstead. Am I liable to pay service charges for periods before completion of my purchase?
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).
Wheathampstead Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
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How long is the Lease? Make sure you investigate if the the lease includes any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Wheathampstead. If you like the apartmentin Wheathampstead however your dog is not allowed to make the move with you then you will be faced difficult compromise. Please note that where the lease has no more than eighty years it will impact the value of the flat. Check with your lender that they are happy with remaining years on the lease. A short lease means that you will most likely require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the property for two years before you are eligible to extend the lease.
After what feels like an age I have had an offer on an maisonette in Wheathampstead agreed to, the owner does however have an associated purchase. The owners have offered on a flat, although it’s not yet tied up, and has viewings of other apartments in the pipeline. I have instructed a local conveyancing solicitor in Wheathampstead. What do I do now? When do I get the mortgage application with Nottingham started with Nottingham?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, Wheathampstead conveyancing search fees, etc). First, you must check that your property lawyer is on the Nottingham approved list. As to the subsequent steps this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a hot market some home buyers would apply for a home loan with Nottingham and arrange for the valuation and only if it was satisfactory would they request their conveyancer to move forward with searches.