My partner and I are acquiring a brand new flat in Billingshurst and my conveyancer is informing me that she has to the mortgage company to reveal incentives from the seller. I am on a tight deadline to exchange contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold house in Billingshurst yet charged rent, why is this and what is this?
It is rare for properties in Billingshurst and has limited impact for conveyancing in Billingshurst 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 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 post 2037 is to be extinguished.
I have been told that property searches are a common cause of hinderance in Billingshurst house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Billingshurst.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Billingshurst I like with open areas and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Billingshurst in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am downsizing from my property. My former lawyers have shut. I am in need of a recommendation of a conveyancing firm. Im based in Billingshurst if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Billingshurst. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.
Should I cancel my mortgage payments with Virgin Money as soon as a completion date for my home sale in Billingshurst has been agreed?
You are best advised to continue paying any mortgage sums to Virgin Money until the mortgage is discharged on completion as part of your Billingshurst conveyancing.