I am purchasing a newly built flat in Killingworth and my lawyer is advising me that she is duty bound to the lender to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and I have no desire to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold property in Killingworth yet charged rent, why is this and what is this?
It’s unusual for properties in Killingworth and has limited impact for conveyancing in Killingworth 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 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 in 2037 is to be extinguished.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Killingworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Killingworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been recommended by three or four local property agents in Killingworth to select a conveyancer using your seach tool. Is there a financial upside for Estate Agents to promote your services over and above another?
We don’t make any financial incentive for sending work our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am looking at a couple of maisonettes in Killingworth both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Killingworth. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in Killingworth - Sample of Queries before buying
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It would be wise to discover if there are any onerous prohibitions in the lease. For instance it is fairly common in Killingworth leases that pets are not allowed in certain buildings in Killingworth. If you like the apartmentin Killingworth but your dog is not allowed to make the move with you then you will be faced hard choice. What prohibitions exist in the Killingworth Lease?
What is the reason for my lawyer requiring numerous items of identification before they can commence with my conveyancing in Killingworth?
Killingworth solicitors are required by the Law Society, Solicitors Regulation Authority, HMLR and current AML Regulations to record that the have verified the identity of their clients. It will also be a requirement of your bank where you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, national insurance number and date of birth.