Due to move into my new home in Chalfont St Peter next Tuesday. 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 risks does the bank expect the insurance 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 requirements. These requirements are not limited to conveyancing in Chalfont St Peter.
I purchased a freehold premises in Chalfont St Peter but still invoiced for rent, why is this and what is this?
It is rare for properties in Chalfont St Peter and has limited impact for conveyancing in Chalfont St Peter 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Are the BSA planning on creating a online directory to list firms on the Darlington Building Society conveyancing panel for example in Chalfont St Peter?
We would not expect to be advised of any plans on the part of the BSA to promote such a search facility.
I'm in the process of viewing houses in Chalfont St Peter and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a mortgage with Nationwide.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are taking out a mortgage with Nationwide, ask your prospective lawyers if they are on the Nationwide conveyancing panel otherwise they can't do the mortgage legal work.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Chalfont St Peter solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Chalfont St Peter surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have finally had an offer on an apartment in Chalfont St Peter agreed to, the owners do nevertheless have a dependent purchase. The owners have offered on a property, but it’s not yet agreed to, and have viewings of other properties in the pipeline. I have instructed a local conveyancing solicitor in Chalfont St Peter. What should be my next step? When do I get the mortgage application with Aldermore started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then valuation, Chalfont St Peter conveyancing search costs, etc). First, you must check that your conveyancing practitioner is on the Aldermore approved list. As to the next stages this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. In a rising market the majority of purchasers will apply for a home loan with Aldermore and pay for the valuation and only if it comes back ok would they pay their lawyer to press on with searches.
The deeds to our property are lost. The lawyers who did the conveyancing in Chalfont St Peter 5 years ago are no longer around. What are my next steps?
Gone are the days when you need to have the physical official documentation to prove you own the land or premises, given that the Land Registry have everything they need in a digital format.
I am attracted to a two flats in Chalfont St Peter both have approximately 50 years unexpired on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Chalfont St Peter. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to judgment on the premium.
An example of a Lease Extension decision for a Chalfont St Peter premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The number of years remaining on the existing lease(s) was 71 years.