I purchased a freehold residence in Peterlee yet pay rent, why is this and what is this?
It’s unusual for properties in Peterlee and has limited impact for conveyancing in Peterlee 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 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 after 2037 will be dispensed with completely.
I have an AIP. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to use a Peterlee based conveyancing firm?
You should check but the chances are that appoint one of their panel solicitors where you take up the "fee-free" deal. Speak to the bank and ask if they allow a monetary alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Peterlee.
We are buying a victorian detached house in Peterlee. We would like to an extension at the rear at the house.Will the conveyancing process include checks to determine if these alterations were previously refused?
Your conveyancer should check the deeds as conveyancing in Peterlee can sometimes reveal restrictions in the title documents which prevent certain changes or require the permission of another owner. Certain extensions call for local authority planning consent and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be prudent to check these issues with a surveyor ahead of any purchase.
Is it the case that all Peterlee solicitors on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be regulated by the SRA. Many banks do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Peterlee building society branch on various occasions and was told it wasn't an issue and they will lend. My Peterlee conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the lawyer is on the lender approved list, she or he must adhere to the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am buying a new build house in Peterlee with a loan from The Royal Bank of Scotland. The developers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my solicitor about this extras as it would adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
I'm remortgaging my existing property to a BTL loan with Birmingham Midshires and I will use the rest of the raised equity as a down payment on another house. The location we are talking about is Peterlee. Will your conveyancers be able to act for the two lenders and link together the conveyances?
Make use of our comparison tool on this site to ensure that the solicitors are approved by both lenders. Having checked that they are the lawyer will be able to connect the two transactions but you should talk with you conveyancer and make clear your desired outcome and requirements.
As co-executor for the will of my aunt I am selling a property in Swansea but reside in Peterlee. My lawyer (approximately 250 miles from mehas requested that I sign a stat dec prior to the transaction finalising. Could you suggest a conveyancing practitioner in Peterlee who can witness this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are based in Peterlee