I am hoping to move into my new home in Burton Bradstock next Tuesday. My solicitor 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 bank. What risks does the bank expect the insurance to cover?
All property lawyers 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 conditions. These requirements are not limited to conveyancing in Burton Bradstock.
I purchased a freehold property in Burton Bradstock but nevertheless charged rent, why is this and what is this?
It is rare for properties in Burton Bradstock and has limited impact for conveyancing in Burton Bradstock 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 extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Burton Bradstock is the location of the property. Can you shed any light on this issue?
Flying freeholds in Burton Bradstock are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burton Bradstock you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burton Bradstock 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.
How simple is it to transfer to a new conveyancer as I need to find one who is on the Chelsea Building Society conveyancing list. I was using a high street conveyancing solicitor in Burton Bradstock round the corner but the firm is not approved by Chelsea Building Society
We will our best to assist in finding you a conveyancing solicitor in Burton Bradstock on the Chelsea Building Society panel. Please note that the conveyancers that we work with do not pay us a referral fee if you instruct them and are under regulation of the Solicitors Regulation Authority who regulate all conveyancing solicitors in Burton Bradstock. In utilising search facility on this website, you can compare costs for conveyancing solicitors in Burton Bradstock and beyond.
At last I have had an offer on an flat in Burton Bradstock agreed to, the seller does nevertheless have a connected purchase. The sellers have put an offer on a flat, although it’s not been accepted yet, and are looking at other apartments in the pipeline. I have chosen a nearby conveyancing lawyer in Burton Bradstock. What do I do now? When do I get the mortgage application with Coventry BS started with Coventry BS?
It is usual to have anxieties where there is an associated chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then valuation, Burton Bradstock conveyancing search fees, etc). First, you must check that your lawyer is on the Coventry BS conveyancing panel. Regarding the next steps this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a hot market the majority of buyers would apply for a home loan with Coventry BS and pay for the survey and only if it comes back ok would they pay their lawyer to press on with searches.