I purchased a freehold property in Goodmayes yet pay rent, why is this and what is this?
It is rare for properties in Goodmayes and has limited impact for conveyancing in Goodmayes 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 generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Goodmayes. I I am struggling to find out if they are accepted on the Nottingham Building Society approved list of lawyers. Could you assist?
You should call your solicitor and enquire if they are on the lender panel. Otherwise you can get in touch with Nottingham Building Society who may be able to confirm.
We had selected solicitors based in Goodmayes on the RBS solicitor panel. They are now charging me a supplemental amount for handling the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your lawyer can levy a fee for this. The fee is not dictated by RBS but by your Goodmayes property lawyer. Plenty of firms on the RBS panel will levy an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
We are getting a further advance on our mortgage from Principality as we intend to conduct alterations to our house in Goodmayes. Are we obliged to choose a high street Goodmayes solicitor on the Principality conveyancing panel to deal with the legals?
Principality don't usually appoint a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
The mortgage over my property is with TSB for my property in Goodmayes. Conveyancing was finalised 12 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 TSB?
TSB must be informed of your intention before letting out your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will allow you to rent 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 TSB directly. You need not do this via a TSB conveyancing panel lawyer.
How does conveyancing in Goodmayes differ for newly converted properties?
Most buyers of new build residence in Goodmayes contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Goodmayes typically purchase 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 Goodmayes or who has acted in the same development.
How does the Landlord & Tenant Act 1954 impact my business premises in Goodmayes and how can you help?
The 1954 Act affords a safeguard to business lessees, giving them the legal entitlement to make a request to court for a continuation of occupancy when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and handle your commercial conveyancing in Goodmayes
When it comes to my conveyancing in Goodmayes should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Goodmayes conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.