I am hoping to move into my new home in Somerton next Monday. My conveyancer 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 mortgage company. What does the insurance need 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 requirements. These requirements are not limited to conveyancing in Somerton.
I purchased a freehold residence in Somerton but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Somerton and has limited impact for conveyancing in Somerton 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 post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would much rather use a high street conveyancing solicitor in Somerton?
You should check but the chances are that appoint one of their panel conveyancers if you want the "fee-free" deal. Contact the mortgage company to explore if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Somerton.
My father-in-law has suggested that I instruct his conveyancing solicitors in Somerton. Should I use them?
Much as we are happy to recommend a Somerton conveyancing lawyer it’s preferable to find a conveyancing lawyer is to get guidance from friends or family who have previously instructed the firm that you are contemplating using.
Can you provide any advice for leasehold conveyancing in Somerton with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Somerton can be bypassed if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers’ lawyers. The majority of freeholders or managing agents in Somerton charge for supplying management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Somerton. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled. If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate is often a lengthy process and frustrates many a Somerton conveyancing deal. Where a reissued share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
I invested in buying a 1 bedroom flat in Somerton, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Somerton with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2084
With 60 years left to run the likely cost is going to range between £20,000 and £23,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
I recently discovered that one of the partners of the solicitors acting on the purchase conveyancing in Somerton is a relative of the seller. Is this allowed?
On the basis that no conflict arises this is permitted. If you are requiring mortgage finance then the mortgage company may have a say as many banks have specific instructions on this. For example for HSBC as of 27/9/2024, the requirements read as follows :