I am the registered owner of a freehold property in Bembridge but nevertheless pay rent, why is this and what is this?
It is rare for properties in Bembridge and has limited impact for conveyancing in Bembridge 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 establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Is it correct that all Bembridge CQS (Conveyancing Quality Scheme) solicitors are on the UBS conveyancing list of approved solicitors?
Some major banks and building societies now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
is it true that all Bembridge solicitor firms on the Virgin Money conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the SRA. Many banks do permit licenced conveyancers on their panel and in that case the firms would be overseen by the Council of Licensed Conveyancers.
The formalities of my remortgage has taken place for my property in Bembridge. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
3 months have elapsed since my purchase conveyancing in Bembridge took place. I have checked the Land Registry site which shows that I paid £200,000 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 premises 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.
About to purchase a new build flat in Bembridge. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Bembridge
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Bembridge I like with amenity areas and station nearby, however it only has 51 years on the lease. I can't really find anything else in Bembridge suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My husband and I are planning to purchase a 2 bedroom apartmentin Bembridge with a home loan from a mortgage company. We have a lawyer in Bembridge however our lender advise he's not on their "panel". We have to appoint from the our mortgage company panel solicitors or stay with our Bembridge solicitor and incur the extra costs for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that our mortgage company use our Bembridge lawyer?
Unfortunately,no. The bank home loan offered to you is subject to its terms and conditions, one of which will be that solicitors will on the bank's conveyancing panel. in the past, most mortgage companies had open panels, including most conveyancing solicitors in Bembridge : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your mortgage company.