I have given 8 weeks notice to my existing landlord and have to vacate my rented property in Kelvedon by the end of next month. Conveyancing on my purchase has just started. How realistic is it to complete in 5 weeks as I wish to avoid having to find short term accommodation?
The normal practice is not to give notice on a rental until you have exchanged. If you have not already done so, speak to your lawyer and request that they chase the owners lawyers, try to get a realistic time scale from them that everyone will work to achieve
I purchased a freehold premises in Kelvedon yet invoiced for rent, why is this and what is this?
It is rare for properties in Kelvedon and has limited impact for conveyancing in Kelvedon 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 generation of new 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 post 2037 will be dispensed with completely.
What happens if my solicitor is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Kelvedon?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My uncle pointed out to me me that in buying a property in Kelvedon there could be a number of restrictions prohibiting external alterations to the property. Is this right?
There are anumerous of properties in Kelvedon which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Kelvedon should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My conveyancer has informed me that absentee landlord insurance is needed on my purchase. What is the level of cover for Kelvedon conveyancing?
The appropriate level of absentee landlord indemnity insurance depends on your lender. It would differ for example between National Westminster Bank and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such policies.
I am the single beneficiary of my late father’s estate and I have everything in my name alone, including the my former home in Kelvedon. The Kelvedon property was put into my name in December. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view lenders take of it, depend on the lender as this clause chiefly exists to pick up on subsales or the quick reselling of property.
I decided to have a survey done on a house in Kelvedon in advance of instructing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders tend not issue a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kelvedon. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for purchase conveyancing in Kelvedon. I happened to chance upon a web site which appears to be the ideal offering If there is a chance to get all formalities completed via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?