I am the registered owner of a freehold premises in Arkley but still charged rent, why is this and what is this?
It is rare for properties in Arkley and has limited impact for conveyancing in Arkley 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 establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My grandmother passed away 10 months ago and as sole heir and executor I was left the property in Arkley. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
Given you intend to refinance then Virgin Money will insist on your using a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
How can we tell if a Arkley conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Arkley getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your conveyancing.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Arkley building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Arkley conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company panel, she or he must follow the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After what seems like an age I have had an offer on a flat in Arkley accepted, the owners do however have a connected purchase. The vendors have placed an offer on a property, however it’s not been accepted yet, and have viewings of other properties booked. I have chosen a nearby conveyancing solicitor in Arkley. What should be my next step? When do I get the mortgage application with Coventry BS started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, Arkley conveyancing search fees, etc). First, you must ensure that your lawyer is on the Coventry BS approved list. Concerning the subsequent phase this very much depends on the uniqueness of your case, motivation for this property and on the state of the market. In a rising market the majority of home buyers would apply for a home loan with Coventry BS and pay for the valuation and only if it comes back ok would they ask their lawyer to move forward with the conveyancing in Arkley.
What can a local search reveal about the property we're purchasing in Arkley?
Arkley conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance Searchflow The local search is essential in every Arkley conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I am purchasing my first flat in Arkley with a mortgage from Nottingham Building Society. The sellers refused to budge the price so I negotiated 6k of additionals instead. The sale representative advised me not disclose to my conveyancer about this deal as it will jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I'm converting the mortgage on my primary property to a BTL mortgage with Barclays Direct and intend to use the remaining equity as a down payment on another house. The area we are interested in is Arkley. Will your conveyancers be able to act for the two banks and link together the conveyances?
Make use of our search tool on this page to check that the lawyers are approved by both mortgage companies. Assuming that they are the solicitor should be able to simultaneously deal with the two deals but you should have a chat with you solicitor and make apparent your desired outcome and requirements.