I am hoping to move into my new home in Wilberfoss next Thursday. 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 bank. 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 conditions. These obligations are not limited to conveyancing in Wilberfoss.
Can you explain why leasehold purchase conveyancing in Wilberfoss costs more?
In short, leasehold conveyancing in Wilberfoss and elsewhere usually requires extra due diligence compared to freehold transactions. This includes lease investigation, communicating with the landlord concerning serving appropriate notices, securing current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
We wanted to use a property lawyer in Wilberfoss for our house move. Our broker informed us that our bank Chelsea Building Society won't deal with them. Surely this is unduly restrictive?
Before the recession most lenders had a different appetite for risk. Almost all Wilberfoss conveyancing firms would have been on many lender panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of conveyancing. Many Wilberfoss conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Wilberfoss is amongst the hundreds of locations where the conveyancers we list are are approved Chelsea Building Society.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Wilberfoss?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Wilberfoss. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Wilberfoss is the location of the property. Is there any advice you can impart?
Flying freeholds in Wilberfoss are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wilberfoss you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wilberfoss may decide 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.