All was ready to move into my new home in Yorkshire Dales next Thursday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the bank 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 Part 2 conditions. These obligations are not specific to conveyancing in Yorkshire Dales.
I own a freehold residence in Yorkshire Dales but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Yorkshire Dales and has limited impact for conveyancing in Yorkshire Dales 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 lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Do the Building Society Association intend to launch a search tool with a view to list law firms on the Melton Mowbray Building Society conveyancing panel for example in Yorkshire Dales?
We have not been informed any intention on the part of the BSA to promote such a register.
We are planning to move house in February. Should my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you suggest a removal company in Yorkshire Dales. Conveyancing solicitor was organised before I stumbled across this website.
On the afternoon of completion you will need to pick up the house keys from your selling agent but this should only be done after the previous owners lawyers advise the agent that they acknowledge receipt of the completion payment and the keys can be collected. You can advise the removal company that you are ready to move in. We do not suggest a particular removal organisation but can help you locate a conveyancing in Yorkshire Dales or a firm with expertise in conveyancing in Yorkshire Dales.
I'm the single beneficiary of my late mum's estate and I have everything in my name now, including the house in Yorkshire Dales. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the house in December. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. Most mortgage companies would take a pragmatic view as this obligation principally exists to pick up on subsales or the wholesaling and assigning of properties.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Yorkshire Dales conveyancer on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Yorkshire Dales is where the house is located. Can you shed any light on this issue?
Flying freeholds in Yorkshire Dales are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Yorkshire Dales you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yorkshire Dales may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been pointed in your direction by a number of selling agents in Yorkshire Dales to locate a conveyancer on your site. What’s the financial upside for Estate Agents to market your site ahead of another?
We refuse to offer any financial incentive for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.