I am the registered owner of a freehold house in Bridport but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Bridport and has limited impact for conveyancing in Bridport 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment 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 will be dispensed with completely.
My home in Bridport is up for sale and I have accepted an offer. Does the property lawyer need to be required to be on the Santander conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
Should our solicitor be making enquiries about flooding during the conveyancing in Bridport.
The risk of flooding is if increasing concern for lawyers dealing with homes in Bridport. There are those who acquire a property in Bridport, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Bridport. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to discover if the premises has historically flooded. If the property has been flooded in past and is not disclosed by the owner, then a purchaser could commence a compensation claim stemming from an incorrect reply. The buyer’s lawyers should also carry out an enviro search. This will disclose if there is any known flood risk. If so, further investigations will need to be conducted.
2 months have gone by since my purchase conveyancing in Bridport completed. I have checked the Land Registry site which shows that I paid £150,000 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.
I am buying my first flat in Bridport with the aid of help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not disclose to my conveyancer about this side-deal as it will jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 decided to have a survey carried out on a house in Bridport before appointing lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some lenders may refuse to give a mortgage on such a house.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bridport. Conveyancing may be slightly more expensive based on your lender's requirements.