I own a freehold residence in Cranfield but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Cranfield and has limited impact for conveyancing in Cranfield 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 creation of fresh 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 after 2037 is to be extinguished.
We're in Cranfield, First timers purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My relative recommended that where I am purchasing in Cranfield I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Cranfield conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Cranfield around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Cranfield Education with maps and statistics, Local Amenities and other useful data regarding Cranfield.
I am buying a new build house in Cranfield with a loan from Alliance & Leicester . The builders refused to reduce the price so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my conveyancer about the extras as it will put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Taking into account that I am about to part with over three hundred thousand on a house in Cranfield I wish to have a conversation with the solicitor about myhouse move in advance of appointing the firm. Is this something that you can arrange?
Absolutely - we would be delighted to talk to you we do not take any clients on without you first talking to the conveyancer due to be conducting your conveyancing in Cranfield.There is no ‘factory style conveyancing’ - every client is an important individual, not a case reference. The solicitors that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Cranfield should be the figure that you are charged.
Should I be concerned if there is an issue with the searches carried out as part of our conveyancing in Cranfield?
Normally, the majority of concerns arising from Cranfield conveyancing search responses can be addressed prior to completion or title insurance may be obtained. It is important to remember that regardless of the fact that you may be acquiring the premises and might be willing to live with the search results, your building society or bank may not, and ultimately have the final decision.