I am the registered owner of a freehold premises in Belsize Park but still charged rent, why is this and what is this?
It’s unusual for properties in Belsize Park and has limited impact for conveyancing in Belsize Park 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 creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have been told that property searches are the main reason for stalling in Belsize Park conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Belsize Park.
I am buying a new build house in Belsize Park with a loan from Santander. The builders would not move on the price so I negotiated five thousand pounds worth of extras instead. The property agent told me not to tell my conveyancer about this extras as it will affect my loan with the bank. Is this normal?.
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.
Due to the input of my in-laws I had a survey completed on a property in Belsize Park in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies tend refuse to give a loan on this type of house.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you contact us we can check 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 Belsize Park. Conveyancing will be smoother if you use a solicitor in Belsize Park especially if they are accustomed to such properties in Belsize Park.
I am looking into buying my first house which is in Belsize Park and I am already nervous. I couldn't find anything specific about Belsize Park. Conveyancing will be needed in due course but do you know about the Belsize Park area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Belsize Park. In the meantime here are some basic statistics that we found
My father has urged me to use his conveyancers in Belsize Park. Should I use them?
There are no two ways about it the ideal way to select a conveyancing solicitor is to get recommendations from friends or relatives who have previously instructed the solicitor you're considering.