All was ready to complete my purchase in Weybridge next Friday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property 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 mortgage companies 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 instructions. These obligations are not unique to conveyancing in Weybridge.
I own a freehold residence in Weybridge but nevertheless charged rent, why is this and what is this?
It is rare for properties in Weybridge and has limited impact for conveyancing in Weybridge 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Please explain the implications if my solicitor is removed from the UBS Conveyancing panel ahead of completing my conveyancing in Weybridge?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Weybridge I like with amenity areas and transport links nearby, however it's only got 61 years on the lease. There is not much else in Weybridge suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am looking to sell my home. My past solicitors have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Weybridge if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in Weybridge. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
Harry (my fiance) and I may need to rent out our Weybridge basement flat for a while due to a new job. We instructed a Weybridge conveyancing practice in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Weybridge conveyancing solicitor is not available you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you are obliged to seek consent via your landlord or some other party before subletting. The net result is that you cannot sublet without prior consent. The consent is not allowed to be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord for their consent.
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Weybridge. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We can put you in touch with a Weybridge conveyancing firm who can help.
An example of a Lease Extension case for a Weybridge flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired term was 82.93 years.