I purchased a freehold house in Downham Market but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Downham Market and has limited impact for conveyancing in Downham Market 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 establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
The Downham Market conveyancing firm that I appointed last week on my purchase in Downham Market have suddenly closed. I only went with them because I needed a firm on the UBS conveyancing panel and my preferred Downham Market lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What do I do now?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
is it true that all Downham Market conveyancing solicitors on the Yorkshire BS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be overseen by the SRA. Some banks do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
My wife and I are spending time looking at apartments in Downham Market and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with RBS.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are seeking a mortgage with RBS, ask your prospective lawyers if they are on the RBS conveyancing panel otherwise they can't do the mortgage legal work.
I have paid off my mortgage with Coventry BS. I assume I don't need a Downham Market lawyer on the Coventry BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I have a 4 bedroom Victorian property in Downham Market. Conveyancing lawyer represented me and HSBC Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Downham Market and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing solicitor who conducted the purchase.
How does conveyancing in Downham Market differ for new build properties?
Most buyers of new build residence in Downham Market contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Downham Market tend to buy the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Downham Market or who has acted in the same development.
My company is intending to take over a lease of an office on a shopping parade. Can you recommend lawyers offering competitive costs for commercial conveyancing in Downham Market for under £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Downham Market, including the sale and purchase of businesses as well as simply property. If you are looking to purchase or lease a shop, pub, restaurant, office, retail unit or a whole business we will find you the right solicitor. As for the fees this will depend on the structure and complexity of the proposed transaction. Please provide us with your contact information or phone us so that we can furnish you with a fixed commercial conveyancing calculation.