I purchased a freehold premises in Colerne but still invoiced for rent, why is this and what is this?
It is rare for properties in Colerne and has limited impact for conveyancing in Colerne 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 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 Colerne. Will my conveyancer have to be on the Leeds Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society 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 panel criteria fairly frequently at the moment.
Will our lawyer be asking questions regarding flooding during the conveyancing in Colerne.
Flooding is a growing risk for conveyancers dealing with homes in Colerne. Plenty of people will acquire a house in Colerne, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a various searches that may be undertaken by the buyer or by their solicitors which can give them a better understanding of the risks in Colerne. The conventional set of information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out if the property has historically flooded. If flooding has previously occurred which is not revealed by the owner, then a purchaser could issue a legal claim for losses resulting from an incorrect response. A purchaser’s conveyancers should also order an environmental report. This should indicate whether there is any known flood risk. If so, more detailed inquiries should be conducted.
I decided to have a survey carried out on a property in Colerne prior to instructing solicitors. I have been told that there is a flying freehold element to the property. The surveyor advised that some lenders will not issue a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Colerne. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for remortgage conveyancing in Colerne. I have chance upon a web site which seems to have the perfect offering If it is possible to get all the legals completed via email that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Our solicitor in Colerne has identified a a legal deficiency with the lease for the apartment we are buying in Colerne. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Colerne conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements must be adhered to by the lender conveyancing panel who has to balance acting for you and the bank