I am the registered owner of a freehold residence in Deptford but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Deptford and has limited impact for conveyancing in Deptford 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 new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I have been told by my conveyancer that missing deeds insurance is required on my purchase. What is the level of cover for Deptford conveyancing?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and The Mortgage Works. Conveyancing solicitors as opposed to borrowers take out such insurances.
I am the single recipient of my late father’s estate and I have everything in my name alone, including the my former home in Deptford. The Deptford property was put into my name in July. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the property in July. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How practical a view lenders take of it, depend on the mortgage company as this clause primarily exists to capture subsales or the wholesaling and assigning of properties.
Are all Deptford Conveyancing Quality Solicitors on the Virgin Money conveyancing list of approved firms?
A selection of lenders now make use of 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. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
I have been told that property searches are the number one reason for delay in Deptford conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Deptford.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Deptford I like with open areas and railway links nearby, however it's only got 61 remaining years left on the lease. There is not much else in Deptford for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I have been sourcing a conveyancing lawyer in Deptford for my remortgage. Can I see a firm’s complaints history with the legal regulator?
One can see presented Solicitor Regulator Association (SRA) decisions resulting from investigations started on or after 1 January 2008. Go to Check a solicitor's record. For records about the period before 1 January 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training purposes.
After what feels like an age I have had an offer on an flat in Deptford accepted, but there is a chain. The owners have submitted an offer on a flat, but it’s not yet agreed to, and has viewings of other apartments in the pipeline. I have instructed a local conveyancing lawyer in Deptford. What do I do now? When should I get the mortgage application with Kent Reliance going with Kent Reliance?
It is understandable to have anxieties where there is an associated chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, Deptford conveyancing search fees, etc). First, you must check that your lawyer is on the Kent Reliance approved list. Concerning the next stages this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. During a hot market some buyers would apply for a home loan with Kent Reliance and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to move forward with searches.