I own a freehold house in Harrold but still charged rent, why is this and what is this?
It’s unusual for properties in Harrold and has limited impact for conveyancing in Harrold 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 post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Should my lawyer be making enquiries concerning flooding as part of the conveyancing in Harrold.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Harrold. There are those who buy a house in Harrold, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a numerous searches that can be carried out by the buyer or by their solicitors which can give them a better appreciation of the risks in Harrold. The conventional set of property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to discover whether the premises has suffered from flooding. If the residence has been flooded in past and is not revealed by the owner, then a purchaser could issue a claim for damages resulting from an misleading response. The purchaser’s solicitors may also order an environmental report. This will disclose if there is any known flood risk. If so, more detailed investigations will need to be conducted.
I'm purchasing my first flat in Harrold with a mortgage from HSBC Bank. The sellers would not reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not inform my solicitor about this side-deal as it could affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
Due to the input of my in-laws I had a survey completed on a house in Harrold in advance of retaining lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks will not give a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Harrold. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Harrold to see if the conveyancing will be more expensive.
Am I best advised to instruct a Harrold conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can handle the conveyancing but they are based a couple of hundredmiles away.
The primary upside of using a local Harrold conveyancing practice is that you can attend the office to sign documents, hand in your ID and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and they were impressed that must surpass using an unknown Harrold conveyancing solicitor solely due to them being local.
Are the Harrold conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the lender?
Harrold law firm practices and firms carrying out conveyancing in Harrold themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the mortgage company directly.