I own a freehold property in Elephant and Castle yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Elephant and Castle and has limited impact for conveyancing in Elephant and Castle 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 in 2037 will be extinguished.
We were going to get a AIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Elephant and Castle solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Elephant and Castle solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I currently have a mortgage with Aldermore for my property in Elephant and Castle. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
You must advise Aldermore in advance of letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel firm.
After shopping around on the internet I have found a Elephant and Castle conveyancer having made sure that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Elephant and Castle surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Elephant and Castle differ for new build properties?
Most buyers of new build property in Elephant and Castle come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Elephant and Castle typically buy the real estate, 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 property lawyers 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 used to new build conveyancing in Elephant and Castle or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Elephant and Castle is where the house is located. What do you suggest?
Flying freeholds in Elephant and Castle are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Elephant and Castle you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Elephant and Castle may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking into buying my first house which is in Elephant and Castle and I am already nervous. I couldn't find anything specific about Elephant and Castle. Conveyancing will be needed in due course but do you know about the Elephant and Castle area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Elephant and Castle. In the meantime here are some basic statistics that we found
I am one month into a freehold purchase having been directed to a firm by the selling agent to carry out the conveyancing in Elephant and Castle. We are not happy. Could you you assist me in finding new lawyers?
They would need to be very bad in order to consider diss instructing them. Has your mortgage offer been sent? In the event that it has you will need to make them aware of the replacement conveyancer and ensure the mortgage documents are re-sent. Your new solicitor ideally should be on the banks panel to avoid added charges and delays. So that should be your starting point. The find a solicitor tool can assist you in finding a bank approved lawyer for your conveyancing in Elephant and Castle