I purchased a freehold property in Cullompton but still pay rent, why is this and what is this?
It’s unusual for properties in Cullompton and has limited impact for conveyancing in Cullompton 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am in the process of refinancing my apartment in Cullompton, does my lawyer have to be on the Bank of Ireland Solicitor panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Are all Cullompton Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Cullompton bank branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Cullompton conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend based on their specific requirements. I have no idea who is right.
Provided that the conveyancing practitioner is on the bank panel, they must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have finally had an offer on a flat in Cullompton agreed to, the owners do nevertheless have a tied purchase. The vendors have placed an offer on somewhere, but it’s not been accepted yet, and have viewings of other apartments booked. I have instructed a bricks and mortar conveyancing solicitor in Cullompton. What do I do now? When should I get the mortgage application with Virgin Money started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then survey, Cullompton conveyancing search fees, etc). First, you should ensure that your conveyancing practitioner is on the Virgin Money conveyancing panel. Concerning the subsequent phase this very much dictated by the circumstances of your case, attraction to the property and on the state of the market. In a buoyant market the majority of purchasers would apply for a home loan with Virgin Money and pay for the valuation and only if it was satisfactory would they request their lawyer to press on with searches.
I'm purchasing my first flat in Cullompton with a loan from Yorkshire Building Society. The developers would not move on the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not to tell my conveyancer about this extras as it could put at risk my loan 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.
My business partner and I are looking to lease a unit on the high street. Can you recommend solicitors offering fixed costs for commercial conveyancing in Cullompton for below £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Cullompton, including the sale and acquisition of businesses as well as simply premises. Whether you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right lawyer. Regarding the fees this will depend on the structure and nuances of the proposed transaction. Please provide us with your details or phone us so that we can provide you with a detailed commercial conveyancing calculation.
Is it best to choose a Cullompton conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can perform the legal work but they are based 200kilometers drive away.
The benefit of a local Cullompton conveyancing firm is that you can attend the office to execute documents, deliver your ID and apply pressure on them if necessary. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were impressed that must trump using an unfamiliar Cullompton conveyancing lawyer solely due to them being round the corner.