I purchased a freehold house in Market Drayton but still pay rent, why is this and what is this?
It is rare for properties in Market Drayton and has limited impact for conveyancing in Market Drayton 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 new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I am intent on selling our house in Market Drayton and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Market Drayton lawyer would know this is not the case. It does beg the question why the purchasers are using a factory type conveyancing firm as opposed to a conveyancing solicitor in Market Drayton. We have lived in Market Drayton for six years we know of no issue. Do we contact our local Authority to get confirmation that there is no issue.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
The deeds to our property can not be found. The solicitors who conducted the conveyancing in Market Drayton 4 years ago are no longer around. Will I be able to sell the house?
In today’s world there are copies made of almost everything, and your solicitor will be aware precisely where to look for all the relevant paperwork so you may buy or sell your house without a hitch. If copies can’t be located, your solicitor may be able to put in place insurance or indemnities against future claims on the property.
I am buying my first flat in Market Drayton benefiting from help to buy. The sellers would not budge the amount so I negotiated £7000 of extras instead. The estate agent advised me not reveal to my conveyancer about the extras as it will affect my mortgage with Bank of Scotland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Am I better off to go with a Market Drayton conveyancing lawyer in close proximity to the house I am buying? An old friend can handle the legal formalities but his firm is located a couple of hundredkilometers drive away.
The benefit of a high street Market Drayton conveyancing firm is that you can visit the firm to execute documents, deliver your ID and apply pressure on them if necessary. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and the majority were impressed that should outweigh using an unknown Market Drayton conveyancing lawyer just because they are Market Drayton based.
At what point do I incur the Stamp Duty Land Tax due for my purchase in Market Drayton?
The property lawyer will complete a stamp duty return on your behalf as part of your Market Drayton purchase transaction for you to sign. After completion your lawyer will submit the Land Transaction application to the Tax Authorities and - as long as they have the money - pay any Stamp Duty liability on your behalf.