I purchased a freehold premises in Chew Magna but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Chew Magna and has limited impact for conveyancing in Chew Magna 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 establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I happen to be the only recipient of my late father’s estate with all property in now in my sole name, including the house in Chew Magna. The Chew Magna property was put into my name in January. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be considered the same way as though I had purchased the house in January. Is the property unsalable for six months?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many mortgage companies would take a sensible view as this obligation is principally there to identify the purchase and immediately sell or the quick reselling of properties.
We had chosen solicitors locally in Chew Magna on the Leeds Building Society solicitor panel. They are now charging me a supplemental fee for the legal aspects of the Leeds Building Society mortgage. Is this a supplemental conveyancing fee set by Leeds Building Society?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer is entitled to levy a fee for this. This fee is not dictated by Leeds Building Society but by your Chew Magna property lawyer. Numerous firms on the Leeds Building Society panel will levy ’dealing with mortgage’ fee and others do not.
Bank of Ireland have agreed my mortgage in principle, my bid on a property in Chew Magna has been accepted, what are the next steps?
The estate agent will want to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s approved list). Telephone Bank of Ireland or the financial adviser and complete any relevant paperwork. Bank of Ireland will sellect a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes about a fortnight to receive the mortgage offer. Bank of Ireland will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Chew Magna.
I need some quick conveyancing in Chew Magna as I have an ultimatum to exchange contracts within one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash purchaser you are at free not to do searches although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Chew Magna the following are examples of issues that can appear and therefore impact future mortgageability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
I have todaybeen informed that Action Conveyancing have closed. They carried out my conveyancing in Chew Magna for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The quickest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Chew Magna conveyancing specialists.
I opted to have a survey carried out on a property in Chew Magna in advance of retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will refuse to issue a mortgage on such a premises.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chew Magna. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chew Magna to see if the conveyancing costs will increase in light of this.
Are there frequently found problems that you see in leases for Chew Magna properties?
Leasehold conveyancing in Chew Magna is not unique. Most leases are unique and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Barnsley Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Chew Magna - Sample of Queries before Purchasing
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It would be prudent to find out if there is anything that is prohibited in the lease. By way of example it is very common in Chew Magna leases that pets are not permitted in certain buildings in Chew Magna. If you like the apartmentin Chew Magna but your cat can’t live with you then you have a very difficult choice. Best to be warned whether redecorating or some other major work is coming up to be shared amongst the leaseholders and may well dramatically impact the level of the maintenance costs or require a specific invoice. The best form of lease structure is a share of the freehold. In this situation the leaseholders enjoy control and notwithstanding that a managing agent is frequently retained where it is bigger than a house conversion, the managing agent retained by the leaseholders.