I purchased a freehold residence in Creigiau yet charged rent, why is this and what is this?
It’s unusual for properties in Creigiau and has limited impact for conveyancing in Creigiau 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
We wanted to use a conveyancing solicitor in Creigiau for our house move. Our broker has since advised us that our bank Virgin Money won't deal with them. Why is this not regarded as unfair competition?
Before the recession most mortgage companies had a different appetite for risk. Almost all Creigiau conveyancing firms would have been on most bank panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms about their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Creigiau conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Creigiau is one of the numerous areas where the solicitors we recommend are on the panel for Virgin Money.
I'm purchasing a new build house in Creigiau with the aid of help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The house builders rep advised me not reveal to my lawyer about this extras as it would put at risk my loan with Chelsea Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a house in Creigiau ahead of appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some lenders will not grant a mortgage on such a home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Creigiau. Conveyancing will be smoother if you use a solicitor in Creigiau especially if they regularly deal with such properties in Creigiau.
My husband and I are novice buyers - had an offer accepted, but the estate agent informed us that the owners will only proceed if we instruct the agent's chosen conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer used to conveyancing in Creigiau
It is improbable the vendors are behind this. If they require ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Try to communicate with the sellers directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you intend to use your own,trusted Creigiau conveyancing solicitors - rather thanthose that will give the estate agent a referral fee or meet his conveyancing targets pre-set by corporate headquarters.
When it comes to my conveyancing in Creigiau should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Creigiau conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.