I purchased a freehold residence in Meopham but still invoiced for rent, why is this and what is this?
It is rare for properties in Meopham and has limited impact for conveyancing in Meopham 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 establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
A colleague recommended that where I am purchasing in Meopham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Meopham conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Meopham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Meopham Education with plans and statistics, Local Amenities and other useful data regarding Meopham.
How does conveyancing in Meopham differ for new build properties?
Most buyers of new build property in Meopham approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Meopham typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Meopham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Meopham is where the house is located. What do you suggest?
Flying freeholds in Meopham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Meopham you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Meopham 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 property.
I'm converting the mortgage on my existing house to a buy to let loan with Bank of Ireland and intend to use the remaining equity as a down payment on further property. The location we are looking at is Meopham. Will your solicitors be able to act for both sets of lenders and tie in the transactions?
Make use of our search tool on this page to be sure that the solicitors are on the appropriate lender panels. Having checked that they are the conveyancer should be able to tie up the two transactions but you should talk with you lawyer and make clear your desired outcome and needs.
We have had DIP from Bank of Scotland who said we could borrow up to £117k. At what point do I need to instruct a lawyer for conveyancing? Meopham is where we are buying.
You can appoint a solicitor now requesting that they generate a file for you. This will kickstart: 1) the estate agent to issue a Sales Memo to the relevant parties 2) the seller’s conveyancing practitioner to submit the draft agreement. That being said, do not instruct your property lawyer to order searches until you have your valuation report via Bank of Scotland and you are happy to move forward.