I own a freehold premises in Sandgate but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Sandgate and has limited impact for conveyancing in Sandgate 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We have agreed to purchase a house in Sandgate. One unusual aspect is that the roof has a solar panel. HSBC have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is HSBC your lawyer must follow the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for HSBC. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and lawyers are required to report to HSBC where a lease does not meet these conditions. The conditions relate to the installation of panels on properties countrywide and is not restricted to Sandgate.
The mortgage over my property is with Lloyds for my property in Sandgate. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds before renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel lawyer.
The formalities of my remortgage has taken place for my property in Sandgate. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I'm purchasing a new build house in Sandgate with the aid of help to buy. The developers would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not to tell my conveyancer about the deal as it could affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 encouragement of my in-laws I had a survey completed on a house in Sandgate before instructing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies tend refuse to grant a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sandgate. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sandgate to see if the conveyancing will be more expensive.
We're novice buyers - had an offer accepted, but the estate agent informed us that the owners will only proceed if we use the agent's recommended conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a family conveyancer used to conveyancing in Sandgate
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', alienating a genuine purchaser is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)but you intend to appoint your own,trusted Sandgate conveyancing solicitors - not the ones that will provide their negotiator at the agency a referral fee or hit his conveyancing figures demanded by HQ.
I am tempted by the attractive purchase price for a two maisonettes in Sandgate which have about forty five years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in Sandgate. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area.
Sandgate Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
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The answer will be important as a) areas may result in problems for the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have a dispute with the running of the building you will need to have complete disclosure Who manages the building?