Due to move into my new home in Nottingham next Tuesday. 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 lender. What does the insurance need to cover?
All property lawyers on acting for mortgage companies 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 Nottingham.
I am the registered owner of a freehold premises in Nottingham yet pay rent, why is this and what is this?
It’s unusual for properties in Nottingham and has limited impact for conveyancing in Nottingham 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 creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Due to the guidance of my in-laws I had a survey completed on a house in Nottingham prior to instructing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some lenders may refuse to give a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Nottingham. Conveyancing may be slightly more expensive based on your lender's requirements.
My company is intending to lease a unit on the high street. Can you recommend conveyancers offering no-move-no charges for non-domestic conveyancing in Nottingham for below £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Nottingham, including the sale and acquisition of businesses as well as simply property. Whether you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we can put you in touch with the right lawyer. Regarding the costs these will vary based on the structure and nuances of the deal. Please provide us with your details or call us so that we may furnish you with comprehensive commercial conveyancing quote.
Is it best to use a Nottingham conveyancing lawyer in close proximity to the house I am purchasing? We have a good friend who can perform the legal work but his firm is located 200kilometers away.
The benefit of a local Nottingham conveyancing firm is that you can attend the office to execute paperwork, hand in your identification documents and apply pressure on them if necessary. Having local Nottingham know how is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and they were content that must outweigh using an unknown Nottingham conveyancing lawyer solely due to them being local.