Due to move into my new home in Niton next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 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 Part 2 conditions. These requirements are not unique to conveyancing in Niton.
I am the registered owner of a freehold property in Niton but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Niton and has limited impact for conveyancing in Niton 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I opted to have a survey carried out on a house in Niton prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks may refuse to grant a loan on this type of house.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Niton. Conveyancing will be smoother if you use a solicitor in Niton especially if they are accustomed to such properties in Niton.
My father has suggested that I appoint his conveyancers in Niton. Should I choose my own solicitor?
No doubt the ideal way to choose a conveyancing practitioner is to seek recommendations from friends or family who have used the solicitor that you are contemplating using.
My partner and I today found out that one of the partners of the law firm handling the purchase conveyancing in Niton is is the brother of the seller. Is this permitted?
On the basis that there is no conflict of interest this should be fine. If you are needing mortgage finance then the lender may have a say as many lenders have specific instructions on this. For example for RBS- First Active as of 24/4/2024, the requirements read as follows :