I am hoping to complete my purchase in Yeovil next Thursday. My conveyancer 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 Part 2 instructions. These requirements are not limited to conveyancing in Yeovil.
I own a freehold house in Yeovil but still charged rent, why is this and what is this?
It is rare for properties in Yeovil and has limited impact for conveyancing in Yeovil 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 new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
How does conveyancing in Yeovil differ for new build properties?
Most buyers of new build residence in Yeovil come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Yeovil typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Yeovil or who has acted in the same development.
I decided to have a survey carried out on a property in Yeovil before instructing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some lenders will refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Yeovil. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Yeovil to see if the conveyancing costs will increase in light of this.
How simple is it to swap conveyancer as I have to retain a firm on the Clydesdale conveyancing panel. I instructed a family conveyancing solicitor in Yeovil round the corner but she is not accepted by Clydesdale
We will our best to assist in finding you a conveyancing solicitor in Yeovil on the Clydesdale panel. Please note that the solicitors that we on the directory do not pay us commission if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Yeovil. Using the find a conveyancing solicitor tool on this website, you can contrast costs for conveyancing solicitors in Yeovil and throughout England and Wales.
What is the reason for my solicitor requiring various items of ID ahead of starting selling or buying a property in Yeovil?
Yeovil property lawyers are required by the Law Society, SRA, the Land Registry and current Money Laundering legislation to certify that the have checked the identity of their clients. It will also be a condition of your bank where you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have information such as your full names, national insurance number and date of birth.