I purchased a freehold house in Nag's Head but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Nag's Head and has limited impact for conveyancing in Nag's Head 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 generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Our lender has suggested solicitors on their panel based in Nag's Head but I would rather choose a conveyancing lawyer in Nag's Head or nearer to where I live. Can you assist?
Not all Nag's Head conveyancing solicitors are on all banks conveyancing panel. Use the above find an approved solicitor tool to choose a Nag's Head conveyancing conveyancer on the on the lender panel.
My stepmother informed me that in buying a property in Nag's Head there may be various restrictions preventing external alterations to the property. Is this right?
There are anumerous of properties in Nag's Head which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Nag's Head should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Nationwide, do Nag's Head lawyers incur an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Nottingham have agreed my home loan in principle, my bid on a flat in Nag's Head has been agreed to, what are the next steps?
The property agent will need to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Contact Nottingham or your financial adviser and complete any relevant paperwork. Nottingham will appoint a valuer who will get in contact with the estate agent or seller to book an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Nottingham will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Nag's Head.
Do I need to be concerned by estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Nag's Head conveyancing firm?
As with many service providers, often input from family and friends can be worth their weight in gold. Yet there are many players in a conveyancing matter; estate agents, financial adviser and banks might all recommend solicitors to use. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the right to appoint your own conveyancer. You need to be aware that the majority of banks specify a panel list of solicitors you must use for the lender aspect of your home move.
Should I appoint a Nag's Head conveyancing lawyer who is local to the property I am buying? An old friend can carry out the legal formalities but they are based 400kilometers drive away.
The benefit of a local Nag's Head conveyancing firm is that you can drop in to execute documents, present your identification documents and apply pressure on them where appropriate. Having local Nag's Head know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were content that must surpass using an unfamiliar Nag's Head conveyancing lawyer solely due to them being based in the area.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Nag's Head. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Nag's Head ?
The majority of houses in Nag's Head are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Nag's Head so you should seriously consider looking for a Nag's Head conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.