My partner and I are purchasing our first house. The conveyancing practitioner has e-mailedto see if we want to purchase additional conveyancing searches. We are really unsure what's relevant for conveyancing in Burton Latimer
The type of Burton Latimer conveyancing searches should be triggered based primarily on the premises, the location, the probability of any of these risks, your familiarity of the area and risks, your general attitude to risk. What is important is that you adequately appreciate what information each search could supply. You may then make a decision if you consider that you need that information. Where you are in doubt, ask your solicitor to provide guidance.
I own a freehold house in Burton Latimer yet charged rent, why is this and what is this?
It’s unusual for properties in Burton Latimer and has limited impact for conveyancing in Burton Latimer 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 new 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 after 2037 is to be extinguished.
We are selling our apartment in Burton Latimer. Will my property lawyer need to be required to be on the RBS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the RBS 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 conditions fairly frequently in recent years.
Should our lawyer be raising enquiries regarding flooding as part of the conveyancing in Burton Latimer.
Flooding is a growing risk for solicitors dealing with homes in Burton Latimer. There are those who acquire a house in Burton Latimer, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of checks that may be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Burton Latimer. The standard completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to discover if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser could issue a claim for damages as a result of such an misleading response. The purchaser’s lawyers should also commission an enviro report. This should indicate whether there is a recorded flood risk. If so, further inquiries should be conducted.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Burton Latimer is where the house is located. Is there any advice you can impart?
Flying freeholds in Burton Latimer are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burton Latimer 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 Burton Latimer may determine 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 property.
I'm converting the mortgage on my current house to a buy to let loan with Halifax and I will use the rest of the raised equity towards a second property. The area we are talking about is Burton Latimer. Will your solicitors be able to act for the two mortgage companies and link together the conveyances?
Make use of our comparison tool on this site to check that the lawyers are approved by both banks. Assuming that they are your solicitor should be able to simultaneously deal with the two transactions but you should talk with you lawyer and specify your desired outcome and needs.