I am hoping to complete my purchase in Kings Lynn next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the lender 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 requirements. These requirements are not unique to conveyancing in Kings Lynn.
I am the registered owner of a freehold residence in Kings Lynn but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Kings Lynn and has limited impact for conveyancing in Kings Lynn 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 new 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 extinguished.
My property lawyer in Kings Lynn has never been on on the Halifax Conveyancing Panel. Can I still retain my prefered solicitor notwithstanding that they are not on the Halifax approved list?
Your options are as follows:
- Carry on with your preferred Kings Lynn lawyers but Halifax will need to instruct a lawyer on their list of acceptable firms. This will result in additional total conveyancing fees and cause delays.
- Find a new solicitor to to deal with the purchase, remembering to check they are Halifax approved.
- Try to convince your Halifax solicitor to attempt to join the Halifax panel
is it true that all Kings Lynn solicitor practices on the Nationwide conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Nationwide approved list of solicitors they would need to be overseen by the SRA. The majority of lenders do list licenced conveyancers on their panel in which case such practice would be governed by the CLC.
We have agreed to purchase a house in Kings Lynn. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Clydesdale be concerned?
Given that your lender is Clydesdale your lawyer must check the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Clydesdale. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Clydesdale where a lease does not meet these requirements. The requirements relate to the installation of panels on properties countrywide and is not isolated to Kings Lynn.
Intending to buy a apartment in Kings Lynn. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Kings Lynn conveyancer is on the UBS conveyancing panel.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Kings Lynn is the location of the property. What do you suggest?
Flying freeholds in Kings Lynn 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 Kings Lynn you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kings Lynn 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 premises.
It may have been a long time coming a mortgage agreement from a bank for the remortgage of my 2 bedroom apartment is expected by the end of next week. Are you able to suggest an efficient remortgage conveyancing lawyer in Kings Lynn ?
You are on the wrong site if you are in need of a cheap conveyancing solicitors in Kings Lynn. We can offer you excellent value conveyancing but our intention is not to advertise as being the cheapest. Do not be fooled by brokers offering £99 conveyancing in Kings Lynn.In your best case scenario, in going for cheap conveyancing, you will get what you pay for and at worst you will end up being stung for additional fee and still not get the service expected.