I am hoping to complete my purchase in Rochester next Friday. 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 lender. What risks does the bank expect the insurance 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 Rochester.
It is a dozen years since I bought my house in Rochester. Conveyancing lawyers have just been instructed on the sale but I am unable to locate my title documents. Is this a major issue?
Don’t worry too much. Firstly the deeds may be with the lender or they may stored with the solicitor who handled your purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Most conveyancing in Rochester involves registered property but in the unlikely event that your home is not registered it is more of a problem but is not insurmountable.
I am buying a terraced house in Rochester. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Rochester you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Rochester.
I am the only recipient of my late grandmother’s will with all property in now in my sole name, including the house in Rochester. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be regarded the same way as if I'd bought the property in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view mortgage companies take of it, depend on the bank as this clause is principally there to pick up on subsales or the quick reselling of property.
Is there a list of Coventry BS panel conveyancers in Rochester on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few banks make their panel listings viewable on the web. If you are in need of a Rochester conveyancing practitioner on the Coventry BS please use our facility.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Rochester solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham 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 Rochester 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.
Just had an offer accepted on a new build flat in Rochester. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Rochester
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared.
I am in need of some leasehold conveyancing in Rochester. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and most are in Rochester - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Rochester - A selection of Questions you should consider before Purchasing
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Most Rochester leasehold properties will have a service bill for maintenance of the block set by the landlord. Should you buy the apartment you will have to pay this amount, normally periodically during the year. This may differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all probability there will be a rentcharge for you to pay annual, ordinarily this is not a exorbitant amount, say about £50-£100 but you need to enquire as on occasion it can be many hundreds of pounds. It would be sensible to investigate if there are any onerous prohibitions in the lease. By way of example it is very common in Rochester leases that pets are not allowed in certain buildings in Rochester. If you like the flatin Rochester yet your dog can’t live with you then you will be faced hard determination. Where a Rochester lease has no more than 80 years it will impact the salability of the flat. It is worth checking with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out what this will be. For most Rochesterlease extensions you would be required to have been the owner of the residence for 24 months in order to be legally able to carry out a lease extension.