I am the registered owner of a freehold house in Shepherd's Bush but nevertheless pay rent, why is this and what is this?
It is rare for properties in Shepherd's Bush and has limited impact for conveyancing in Shepherd's Bush 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous 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.
We're in Shepherd's Bush, First timers buying with a mortgage (lender is UBS , and our lawyer is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Forgive me if this question is silly but I am new to the home buying as a 1st time buyer of a ground floor flat in Shepherd's Bush. Do I collect the keys to the premises on completion from my lawyer? If so, I will find a High Street conveyancing solicitor in Shepherd's Bush?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be invited to collect the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
My conveyancer has informed me that lack of right of way insurance is necessary on my purchase. What is the level of cover for Shepherd's Bush conveyancing?
The appropriate level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Halifax and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such insurances.
I have paid off my mortgage with Co-operative. I assume I don't need a Shepherd's Bush conveyancer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative 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 Co-operative mortgage from the register. Co-operative, 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 Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
four months have elapsed following my purchase conveyancing in Shepherd's Bush concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £235,500 and found one near me in Shepherd's Bush I like with a park and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Shepherd's Bush in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
We're novice buyers - had an offer accepted, but the selling agent advised that the owners will only move forward if we instruct their chosen lawyers as they need a ‘quick sale’. We would rather use a high street conveyancer with experience of conveyancing in Shepherd's Bush
It is unlikely the owners are behind this. If they want ‘a quick sale', alienating a serious buyer is going to damage their objectives. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you are going to instruct your own,trusted Shepherd's Bush conveyancing solicitors - as opposed tothe ones that will earn the estate agent a introducer fee or achieve conveyancing thresholds pre-set by HQ.