I own a freehold residence in Chipstead yet pay rent, why is this and what is this?
It’s unusual for properties in Chipstead and has limited impact for conveyancing in Chipstead 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 from 1977 onwards.
Previous 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.
I just bought a house at auction in Chipstead. Conveyancing is required. What is next?
Having legally committed yourself to purchase you will need to retain a conveyancing solicitor as a matter of priority as you will have a fast approaching a fixed date to complete the conveyancing. Every auction property will have a bespoke auction pack. This should include most,if not all of the paperwork that your solicitor will need. Where you are dealing with leasehold property the auction papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You must hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in place to complete the transaction on the set completion date.
I am the sole recipient of my late mum's will with all property in now in my sole name, including the my former home in Chipstead. The Chipstead property was put into my name in February. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship may be treated the same way as if I'd bought the house in February. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view mortgage companies take of it, depend on the lender as this obligation primarily exists to pick up on the purchase and immediately sell or the quick reselling of properties.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Chipstead bank branch on various occasions and was advised it wasn't a problem and they would lend. My Chipstead conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their specific requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the bank approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Due to the guidance of my in-laws I had a survey completed on a property in Chipstead in advance of instructing solicitors. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not grant a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you contact us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chipstead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chipstead to see if the conveyancing costs will increase in light of this.
How simple is it to swap solicitor as I need to choose one who is on the The Royal Bank of Scotland conveyancing panel. I instructed a high street conveyancing solicitor in Chipstead five minutes from me but she is not accepted by The Royal Bank of Scotland
It would be our pleasure to help you select a conveyancing solicitor in Chipstead on the The Royal Bank of Scotland panel. Please note that the law firms that we list do not pay us a referral fee if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Chipstead. In utilising search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Chipstead.
Having had my offer accepted I require leasehold conveyancing in Chipstead. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Chipstead - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a a ground floor purpose built flat in Chipstead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Chipstead conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Chipstead property is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case was in relation to 3 flats. The remaining number of years on the lease was 75 years.
I am buying a garden flat in Chipstead. Conveyancing lawyer is awaiting, from the seller, building insurance schedule. Earlier today I was informed that the vendor must send the insurance paperwork for the flat above as well. Why would my conveyancer want to check the insurance for the other flat? Is it strictly necessary? We have been waiting for the previous fortnight…
It is not unheard of in leasehold conveyancing in Chipstead to find Conveyancing in Chipstead in a minority of cases reveals that the lease obliges the tenant's to insure their individual flats rather than the landlord insuring the entire block - which is clearly preferable. Do double check with your solicitor but it would seem that your conveyancing practitioner is seeking to verify that the entire building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reconstructed due to lack of insurance.