I purchased a freehold house in Kilburn Park yet charged rent, why is this and what is this?
It is rare for properties in Kilburn Park and has limited impact for conveyancing in Kilburn Park 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 creation of new rentcharges from 1977 onwards.
Previous 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.
we are a couple who intend to purchase a newbuild flat in Kilburn Park with a homeloan from Nationwide Building Society.We use our Kilburn Park conveyancing practitioner but Nationwide Building Society says his firm is not listed on their "panel". We have to appoint a Nationwide Building Society panel solicitor or keep our high street solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Nationwide Building Society use our lawyer?
No, not really. The home loan offered to you contains various provisions, a common one being that conveyancers must be on the Nationwide Building Society conveyancing panel. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Nationwide Building Society
If you had a top tip for selecting a conveyancing solicitor in Kilburn Park what would it be?
It would be unwise to be swayed by the lowest Kilburn Park conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
When it comes to mortgage companies such as UBS, do Kilburn Park conveyancers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I was told four weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Kilburn Park is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Have purchased a a detached house in Kilburn Park , how long should it take for the Land Registry to deal with the formalities evidencing my ownership? My Kilburn Park conveyancing solicitor has been very slow, so I want to be sure the registration formalities are dealt with.
As far as conveyancing in Kilburn Park registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can adjust according to who lodges the application, whether it is in order and whether the Land registry must send notices to any 3rd persons or bodies. As of today roughly three quarters of submission are fully dealt with in less than three weeks but occasionally there can be protracted hold-ups. Registration is effected after the new owner is living at the premises so 'speed' is not typically top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Kilburn Park is where the house is located. Can you offer any advice?
Flying freeholds in Kilburn Park are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kilburn Park you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kilburn Park may decide 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.
My nephew is about to join the property ladder, the home loan was agreed last week in principle. One the offer was accepted on flat we rang the mortgage institution to move forward with his. I was disappointed to learn that mortgage lenders do not accept all lawyer, they need to be on their approved list, is this correct?
Mortgage Companies tend to restrict either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Kilburn Park conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.