I purchased a freehold house in Costessey but still charged rent, why is this and what is this?
It’s unusual for properties in Costessey and has limited impact for conveyancing in Costessey 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 fresh 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 dispensed with completely.
I am currently in the process of buying my council flat in Costessey. I have a mortgage offer with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
The mortgage over my property is with Bank of Ireland for my property in Costessey. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
Bank of Ireland must be informed of your intention before letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel solicitor.
The formalities of my purchase has taken place for my property in Costessey. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Me and my brother have a terraced Edwardian property in Costessey. Conveyancing solicitor represented me and Barclays . I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Costessey and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing practitioner who conducted the purchase.
How does conveyancing in Costessey differ for newly converted properties?
Most buyers of new build property in Costessey come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Costessey typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Costessey or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Costessey prior to appointing conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some banks will not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to telephone 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 used to dealing with flying freeholds in Costessey. Conveyancing may be slightly more expensive based on your lender's requirements.
I have today placed an offer on an apartment in Costessey and the estate agent that we are dealing with suggested his conveyancer. They quoted a thousand pounds including VAT and 3rd party costs. Does this sound like a good deal?
You should not rely on 1 estimate. One should obtain like-for-like quotes for your conveyancing in Costessey. Then select one that you trust and crucially, is on the approved list of the bank that you have applied for a mortgage from.