Due to move into my new home in Barrow In Furness next Tuesday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property 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 conditions. These obligations are not unique to conveyancing in Barrow In Furness.
I own a freehold premises in Barrow In Furness but still pay rent, why is this and what is this?
It is rare for properties in Barrow In Furness and has limited impact for conveyancing in Barrow In Furness 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I'm purchasing my first flat in Barrow In Furness with a loan from HSBC Bank. The sellers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative advised me not disclose to my solicitor about the side-deal as it may jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a house in Barrow In Furness before appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some lenders will not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Barrow In Furness. Conveyancing may be slightly more expensive based on your lender's requirements.
There are only Sixty One years left on my lease in Barrow In Furness. I now wish to get lease extension but my freeholder is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the landlord. On the whole a specialist may be useful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Barrow In Furness.
I bought a 1st floor flat in Barrow In Furness, conveyancing having been completed in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Barrow In Furness with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2085
With just 62 years left to run the likely cost is going to be between £17,100 and £19,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
Living abroad I am unable to visit my Barrow In Furness conveyancing practitioners office to sign documents connected to my conveyancing in Barrow In Furness – is this a problem?
You need not be concerned. Barrow In Furness conveyancing solicitors can deal with conveyancing transactions for clients across the country. It is not necessary for you to be able to be present a Barrow In Furness conveyancers office. Almost all solicitor can deal with all communications through post, email, telephone and fax.