Unfortunately I am unable to travel far from Ringmer. I would like to know the logic why all Ringmer lawyers aren't automatically on all lender panels?
Before the recession most banks had an approach to risk which is different than today. The financial regulator in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancers on your panel. Consequently, mortgage companies have subsequently looked to extract more information from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Many firms have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum volume of transactions the mortgage companies insisted on.
I am the registered owner of a freehold residence in Ringmer but nevertheless charged rent, why is this and what is this?
It is rare for properties in Ringmer and has limited impact for conveyancing in Ringmer 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 extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I am purchasing a right to buy a flat in Ringmer. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Ringmer you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ringmer.
I am buying a new build house in Ringmer with the aid of help to buy. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The house builders rep told me not to tell my lawyer about this side-deal as it could impact my mortgage with the lender. 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.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Ringmer is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ringmer are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ringmer you must be sure that your lawyer goes 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 Ringmer may ascertain 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 premises.
I've found a house that seems to be perfect, at a great price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Ringmer. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Ringmer ?
The majority of houses in Ringmer are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Ringmer so you should seriously consider shopping around for a Ringmer conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.
Ringmer Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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How many of the leaseholders are in arrears for their maintenance charge payments? What is the name of the managing agents? Please note that where the lease has less than eighty years it will have adverse implications on the salability of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out how much this will be. For most Ringmerlease extensions you will need to own the property for two years in order to be entitled to extend the lease.