I own a freehold property in Plymstock but still pay rent, why is this and what is this?
It’s unusual for properties in Plymstock and has limited impact for conveyancing in Plymstock 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 fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Please explain the implications if my solicitor is expelled from the Santander Solicitor panel ahead of completing my conveyancing in Plymstock?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We are buying a house in Plymstock. It might be a silly question but how we can trust a solicitor? On completion day we will need to deposit our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Please help - my lawyer says that restrictive coveneant insurance is required on my purchase. What is the level of cover for Plymstock conveyancing?
The right level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such policies.
My wife and I are in the process of viewing houses in Plymstock and I am now considering a potential offer. Is it sensible to have my lawyer on ‘stand by’? I intend to finance via a mortgage with Aldermore.
It would be advisable to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are taking out a mortgage with Aldermore, ask your prospective lawyers if they are on the Aldermore conveyancing panel otherwise they can't do the mortgage legal work.
I need some quick conveyancing in Plymstock as I am faced with pressure to exchange contracts inside one month. A home loan is not required. Can I decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you have the choice not to do searches although no law firm would recommend that you don't. With plenty of history conveyancing in Plymstock the following are examples of what can arise and adversely impact market value: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
I am purchasing my first flat in Plymstock with the aid of help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not disclose to my solicitor about this extras as it would impact my loan with HSBC Bank. Should I keep quiet?.
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.
What are the distinct advantages to using a local conveyancer in Plymstock
Home movers in Plymstock decide on using a nearby high street property lawyer so that they can visit just in case they have concerns, and to execute documents without using the post.
Some would say that there is a distinct advantage in opting for a lawyer nearby to a house you are planning to purchase, due to the in-depth knowledge of the region and possible local issues - but this is debatable. Many conveyancers carry out their communications via the internet and may be anywhere in the world.