I am hoping to complete my purchase in Dursley next Monday. My lawyer now wants me to supply her with proof 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?
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 UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Dursley.
I own a freehold house in Dursley yet pay rent, why is this and what is this?
It is rare for properties in Dursley and has limited impact for conveyancing in Dursley 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 is to be extinguished.
Are there any apps to assist me to search for a Dursley law firm on the National Westminster Bank conveyancing panel? I drive a motor bike and am prepared to travel upto 20kilometers to meet the conveyancer.
You can use the tool on this website. Please pick a mortgage company and your location and you will see a number of Dursley conveyancing lawyers locally. We have detailed some Dursley conveyancing firms towards the end of this page and you can call them to verify if they are on the National Westminster Bank panel
In my capacity as executor for the estate of my father I am disposing of a residence in Monmouth but reside in Dursley. My lawyer (who is 250 miles from merequires that I sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Dursley to attest and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are Dursley based
I am attracted to a two flats in Dursley both have in the region of 50 years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
Dursley Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
Is the freehold reversion owned jointly by the leaseholders? The answer will be useful as a) areas could cause problems in the block as the common areas may begin to deteriorate where services remain unpaid b) if the leaseholders have an issue with the managing agents you will want to have all the details