All was ready to complete my purchase in Blaenau Ffestiniog next Friday. My conveyancing practitioner 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 bank. What does the insurance need to cover?
Any lawyer 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 conditions. These obligations are not unique to conveyancing in Blaenau Ffestiniog.
I purchased a freehold house in Blaenau Ffestiniog yet pay rent, why is this and what is this?
It’s unusual for properties in Blaenau Ffestiniog and has limited impact for conveyancing in Blaenau Ffestiniog 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 have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
What is the optimum way to check that the solicitor carrying out my conveyancing in Blaenau Ffestiniog is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Halifax thus spending £192.00 in another set of conveyancing charges.
Please do make use of the find a lender approved solicitor tool on this page. Pick the mortgage company and type ‘Blaenau Ffestiniog’ or your location and you will be presented with numerous conveyancers based in Blaenau Ffestiniog or by proximity to you.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Blaenau Ffestiniog is where the house is located. Is there any guidance you can give?
Flying freeholds in Blaenau Ffestiniog 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 Blaenau Ffestiniog you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blaenau Ffestiniog may determine 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 residence.
Am I right to be wary that third parties that I am dealing with are recommending a national conveyancing firm as opposed to a local Blaenau Ffestiniog conveyancing practice?
As is the case with many service providers, often input from family and friends can be most helpful. Yet there are lots of players in a conveyancing deal; estate agents, mortgage brokers and banks might all put forward conveyancers to retain. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the right to appoint your own conveyancer. You need to be aware that many lenders have an approved list of solicitors you are obliged to use for the lender related work in your home move.
As co-executor for the will of my grandfather I am disposing of a property in Cardiff but reside in Blaenau Ffestiniog. My conveyancer (who is 250 miles awayrequires that I execute a stat dec prior to completion. Could you suggest a conveyancing practitioner in Blaenau Ffestiniog to witness and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Blaenau Ffestiniog based