I own a freehold residence in Amble but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Amble and has limited impact for conveyancing in Amble 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 new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am the only recipient of my late mum's estate with all property in now in my sole name, including the house in Amble. The Amble property was put into my name in November. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership could be considered the same way as if I'd bought the house in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view banks take of it, depend on the mortgage company as this obligation is primarily there to identify subsales or the quick reselling of properties.
We have a mortgage agreed in principle with UBS. Amble conveyancing solicitors are chosen. How long does it take for UBS to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have UBS conducted the valuation? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Nationwide have agreed my home loan in principle, my offer on a flat in Amble has been accepted, now what?
The estate agent will wish to be advised as to your solicitor's details (ensure that the property lawyers are on the bank’s approved list). Contact Nationwide or your broker and finalise any relevant paperwork. Nationwide will appoint a valuer who will get in touch with the selling agent or seller to book a time for the valuation to occur. Once carried out (assuming no problems) it takes on average a week to receive the mortgage offer. Nationwide will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Amble.
Should our lawyer be making enquiries regarding flooding during the conveyancing in Amble.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Amble. Plenty of people will buy a house in Amble, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Amble. The conventional set of information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to find out whether the property has historically flooded. If flooding has previously occurred which is not disclosed by the seller, then a buyer could issue a compensation claim as a result of such an misleading response. The buyer’s lawyers will also carry out an enviro search. This will reveal whether there is any known flood risk. If so, further investigations should be conducted.
3 months have elapsed following my purchase conveyancing in Amble took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a house in Amble before instructing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some banks will refuse to give a mortgage on such a house.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you e-mail us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Amble. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Amble to see if the conveyancing costs will increase in light of this.
Should I be concerned by third parties that I am dealing with are suggesting an internet conveyancing firm as opposed to a local Amble conveyancing practice?
As with lots of professional services, often recommendations from connections can be extremely useful or valuable. Yet there are numerous players in a conveyancing deal; estate agents, financial adviser and mortgage companies might all recommend conveyancers to retain. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You have the right to appoint your own conveyancer. However, bear in mind that many lenders specify a panel list of law firms you must use for the lender related work in your transaction.