I purchased a freehold property in Cheddar but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Cheddar and has limited impact for conveyancing in Cheddar 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 generation 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 is to be extinguished.
I am in the process of refinancing my flat in Cheddar, does my lawyer have to be on the Principality Conveyancing panel?
In theory, you could use a solicitor that is not on the Principality conveyancing panel, but Principality would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I am being told by my conveyancer that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Cheddar?
The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I recently had an offer accepted on an apartment in Cheddar. My financial adviser pressured me to appoint their lawyer. I paid an on account payment of £175. Soon after, the solicitor called me to say that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My sealed bid on a property in Cheddar has been accepted, the sellers do however have a tied purchase. The vendors have offered on somewhere, but it’s not yet tied up, and have viewings of other properties booked. I have chosen a local conveyancing solicitor in Cheddar. What do I do now? At what stage do I apply for the mortgage with Skipton?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then survey, Cheddar conveyancing search charges, etc). First, you must check that your lawyer is on the Skipton approved list. Concerning the next phase this very much dictated by the uniqueness of your case, motivation for this property and on the state of the market. During a rising market many purchasers would apply for a home loan with Skipton and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to press on with the conveyancing in Cheddar.
Is it necessary to take out insurance to cover chancel repairs when buying a residence in Cheddar?
Unless a previous acquisition of the property took place post 12 October 2013 you may expect solicitors handling conveyancing in Cheddar to remain recommending a chancel search and or chancel repair liability policy.
I am looking for a flat up to £245,000 and found one close by in Cheddar I like with a park and station nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Cheddar for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Why do I have to supply my conveyancing practitioner with various items of ID before I can proceed with my conveyancing in Cheddar?
Cheddar property lawyers are duty bound by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering Regulations to record that the have verified the identity of their clients. It is also sometimes a requirement of your lender if you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and DOB.