I own a freehold property in Shenfield but nevertheless pay rent, why is this and what is this?
It is rare for properties in Shenfield and has limited impact for conveyancing in Shenfield 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 post 2037 will be extinguished.
We are getting a further advance on our home loan from HSBC as we want to conduct a loft conversion to our home in Shenfield. Do we need to choose a high street Shenfield solicitor on the HSBC conveyancing panel to handle the paperwork?
HSBC would not normally appoint a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
My wife and I are in the process of viewing apartments in Shenfield and I am now considering a potential offer. Should I already have a lawyer appointed at this point? I intend to finance via a mortgage with Lloyds.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are seeking a mortgage with Lloyds, ask your prospective lawyers if they are on the Lloyds conveyancing panel otherwise they can't do the mortgage legal work.
RBS have agreed my home loan in principle, my offer on a apartment in Shenfield has been agreed to, now what?
The property agent will want to be informed of your solicitor's details (ensure that the property lawyers are on the lender’s panel). Telephone RBS or your broker and finish off any appropriate forms. RBS will sellect a valuer who will get in contact with the estate agent or vendor to book an appointment. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. RBS will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Shenfield.
I have been told that property searches are a common cause of stalling in Shenfield house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Shenfield.
I am buying a new build house in Shenfield with a mortgage from Bank of Scotland. The sellers refused to budge the amount so I negotiated 6k of additionals instead. The property agent advised me not disclose to my solicitor about this extras as it will adversely affect my mortgage with the bank. Is this normal?.
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 Shenfield in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some lenders tend not issue a mortgage on this type of premises.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shenfield. Conveyancing will be smoother if you use a solicitor in Shenfield especially if they regularly deal with such properties in Shenfield.
Should I appoint a Shenfield conveyancing lawyer based in the area that I am buying? I have an old university friend who can handle the legal formalities however his firm is located approximately 350miles drive away.
The primary upside of using a high street Shenfield conveyancing firm is that you can drop in to sign documents, deliver your identification documents and apply pressure on them where appropriate. They will also have local insight which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were happy that must trump using an unknown Shenfield conveyancing solicitor solely due to them being Shenfield based.