I purchased a freehold house in Bermondsey but nevertheless pay rent, why is this and what is this?
It is rare for properties in Bermondsey and has limited impact for conveyancing in Bermondsey 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 creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I am considering applying for a Lloyds mortgage for purchase of a newly converted (under development) in Bermondsey with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How can we tell if a Bermondsey conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Bermondsey obtaining 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 advertising the lowest fees. We would always advocate that you speak with the solicitor carrying out your transaction.
I currently have a mortgage with Virgin Money for my property in Bermondsey. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
You must advise Virgin Money in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel lawyer.
Planning on purchasing a apartment in Bermondsey. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bermondsey property lawyer is on the Yorkshire BS conveyancing panel.
3 months have gone by following my purchase conveyancing in Bermondsey took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Bermondsey is the location of the property. What do you suggest?
Flying freeholds in Bermondsey are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bermondsey you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bermondsey may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In my capacity as executor for the will of my grandfather I am disposing of a residence in Swansea but reside in Bermondsey. My conveyancer (who is 200 miles from merequires that I sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Bermondsey who can attest this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are Bermondsey based