I purchased a freehold residence in East Dean but nevertheless pay rent, why is this and what is this?
It is rare for properties in East Dean and has limited impact for conveyancing in East Dean 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 creation 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 is to be dispensed with completely.
Is it correct that all East Dean CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing list of approved practices?
It is true that some banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
My partner and I have organised a further advance on our home loan from Nationwide as we wish to conduct renovations to our home in East Dean. Do we need to choose a bricks and mortar East Dean solicitor on the Nationwide conveyancing panel to deal with the legals?
Nationwide do not ordinarily require firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide panel.
I am selling my house. I had a double glazing fitted in August 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Barclays are being a right pain. The East Dean solicitor who is on the Barclays conveyancing panel is recommending indemnity insurance as a solution but Barclays are requiring a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Various web forums that I have come across warn that are the main reason for delay in East Dean conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in East Dean.
I am buying a new build house in East Dean with a mortgage from Bank of Ireland. The developers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not inform my conveyancer about this deal as it would jeopardize my loan with Bank of Ireland. 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.
My husband and I are new on the property ladder - had an offer accepted, yet the estate agent advised that the seller will only proceed if we appoint their preferred conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor used to conveyancing in East Dean
We suspect that the owner is not behind this ultimatum. If they desire ‘a quick sale', alienating a motivated buyer is going to damage their objectives. Avoid the agents and go straight to the sellers and make the point that (a)you are genuine purchasers (b)you are ready to go, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)but you will continue to instruct your own,trusted East Dean conveyancing solicitors - rather thanthe ones that will provide the negotiator at the agency a commission or hit his conveyancing thresholds demanded by HQ.
I am in need of some leasehold conveyancing in East Dean. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in East Dean - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a basement flat in East Dean, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in East Dean with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2102
You have 76 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.