I own a freehold house in Rhymney but nevertheless charged rent, why is this and what is this?
It is rare for properties in Rhymney and has limited impact for conveyancing in Rhymney 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 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 after 2037 is to be extinguished.
When it comes to lenders such as Yorkshire BS, do Rhymney solicitors face a fee to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Nottingham. I assume I don't need a Rhymney conveyancing practitioner on the Nottingham panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
Planning on purchasing a flat in Rhymney. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Rhymney conveyancer is on the Principality conveyancing panel.
Will our solicitor be raising questions concerning flooding as part of the conveyancing in Rhymney.
Flooding is a growing risk for solicitors dealing with homes in Rhymney. There are those who buy a house in Rhymney, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Rhymney. The conventional set of information sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to discover if the premises has historically flooded. If flooding has previously occurred which is not revealed by the vendor, then a buyer may bring a legal claim for losses stemming from an incorrect response. A buyer’s solicitors may also order an environmental search. This should disclose whether there is a recorded flood risk. If so, further investigations will need to be carried out.
I'm buying a new build house in Rhymney with a mortgage from Santander. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about this extras as it would affect my loan with Santander. 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.
Due to the advice of my in-laws I had a survey completed on a property in Rhymney before appointing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies may refuse to give a loan on such a home.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you contact us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rhymney. Conveyancing may be slightly more expensive based on your lender's requirements.
We are in the process of purchasing a flat in Rhymney. Could our solicitor have our transaction price private from the likes of Zoopla. How could this be done?
The Land Registry as a matter of law required to note price paid data on the official title for domestic properties countrywide which includes premises in Rhymney. The Title Register is a public document, so the Land Registry would be breaking the law excluded certain properties such as the property in Rhymney.
You can ask HMLR to hide the price paid data yet the response will be in the negative.