I am hoping to complete my purchase in Princes Risborough next Monday. 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 risks does the bank expect the insurance to cover?

Any lawyer 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 instructions. These obligations are not specific to conveyancing in Princes Risborough.

I am the registered owner of a freehold residence in Princes Risborough but still charged rent, why is this and what is this?

It’s unusual for properties in Princes Risborough and has limited impact for conveyancing in Princes Risborough 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 generation of fresh rentcharges post 1977.

Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.

Should my lawyer be raising questions concerning flooding as part of the conveyancing in Princes Risborough.

The risk of flooding is if increasing concern for lawyers dealing with homes in Princes Risborough. There are those who buy a house in Princes Risborough, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.

Lawyers are not best placed to give advice on flood risk, but there are a various searches that can be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Princes Risborough. The standard completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to find out whether the property has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser may commence a claim for damages as a result of such an misleading reply. The buyer’s lawyers should also carry out an environmental search. This will higlight whether there is any known flood risk. If so, further inquiries should be conducted.

I am four weeks into a leasehold purchase having been directed to solicitors by the high street agent to execute conveyancing in Princes Risborough. I am not happy. Can you help me find new conveyancers?

They would have to be very poor in order to consider changing them. Has your loan offer been generated? If so you will need to advise them of the new contact details and get the mortgage documents are re-sent. Your new solicitor ideally needs to be on the banks panel to avoid escalating expenses and frustration. So that should be your starting point. Our find a solicitor tool will help you find a lender approved solicitor for your conveyancing in Princes Risborough

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Princes Risborough. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Princes Risborough are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Princes Risborough in which case you should be shopping around for a Princes Risborough conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.