All was ready to move into my new home in Ongar next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank 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 instructions. These obligations are not unique to conveyancing in Ongar.
I am the registered owner of a freehold property in Ongar but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Ongar and has limited impact for conveyancing in Ongar 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 new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have justbeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Ongar for a purchase of a leasehold flat 18 months ago. How can I establish that my home is in my name in the name of the previous owner?
The quickest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ongar conveyancing specialists.
How does conveyancing in Ongar differ for newly converted properties?
Most buyers of new build residence in Ongar approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Ongar typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ongar or who has acted in the same development.
I'm converting the mortgage on my primary home to a buy to let loan with Accord Mortgages Ltd and intend to use the remaining equity as a deposit on a second property. The neighborhood we are interested in is Ongar. Will your solicitors be able to act for the two mortgage companies and link together the two deals?
Do use our search tool on this site to be sure that the solicitors are approved by both banks. On the basis that they are your conveyancer will be able to simultaneously deal with the two transactions but you should talk with you lawyer and specify your expectations and requirements.
Am I better off to choose a Ongar conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can deal with the legal formalities however they are based 200miles drive away.
The primary upside of using a high street Ongar conveyancing firm is that you can attend the office to execute paperwork, present your ID and pester them if necessary. They will also have local intelligence which is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and they were content that should trump using an unknown Ongar conveyancing lawyer just because they are round the corner.