Due to move into my new home in Downe next Monday. 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 bank. What does the insurance need 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 UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Downe.
I own a freehold premises in Downe yet charged rent, why is this and what is this?
It’s unusual for properties in Downe and has limited impact for conveyancing in Downe 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 creation 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.
Due to the input of my in-laws I had a survey completed on a house in Downe before appointing solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders will refuse to issue a loan on such a home.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Downe. Conveyancing will be smoother if you use a solicitor in Downe especially if they regularly deal with such properties in Downe.
Am I right to be concerned that third parties that I am dealing with are suggesting an internet conveyancing firm rather than a local Downe conveyancing firm?
As is the case with many service providers, often suggestions from connections can be worth their weight in gold. Nevertheless there are numerous parties with a vested interest in a conveyancing deal; estate agents, financial adviser and banks may recommend conveyancers to appoint. On occasion these conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the recommendation. You are at liberty to select your own lawyer. You need to be aware that many mortgage providers specify a panel list of lawyers you have to use for the lender related work in your transaction.
What are your top tips when it comes to choosing a Downe conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Downe conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Downe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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Can they put you in touch with clients in Downe who can give a testimonial?
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Downe conveyancing firm to help?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price.
An example of a Lease Extension case for a Downe flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired term was 50.57 years.
I am looking to buy a repossessed house in Downe and the vendor demand completion inside 28 days. Do solicitors meet that timeframe? Am I best advised to instruct a high street Downe firm or an online firm that advertises to offer speedy conveyancing?
Attend your Downe shopping parade. Pop in to two or three solicitor’s offices and ask to see a conveyancing solicitor for a quote. Set out your requirements and get a commitment on speed. Select the one that seems most efficient. Make sure to choose a property lawyer on the list of conveyancers acceptable to your lender.