My husband and I are acquiring a new build flat in South Ockendon and my solicitor is informing me that she has to the lender to disclose incentives from the seller. I am under pressure to sign contracts and I have no desire to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold property in South Ockendon yet charged rent, why is this and what is this?
It is rare for properties in South Ockendon and has limited impact for conveyancing in South Ockendon 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
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 dispensed with completely.
We wanted to use a conveyancing solicitor in South Ockendon for our house purchase. Our financial adviser has since notified us that our bank The Mortgage Works won't deal with them. Surely this is unduly restrictive?
Banks on the whole imposes restrictions either the type or the amount of conveyancing solicitors on their member panel. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have decided to limit the number of firms they use to act for them. Be aware that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there remains differing opinions regarding the level of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that thousands of law firms, including some in or near South Ockendon only execute very few conveyances per annum.
Are there restrictive covenants that are commonly identified during conveyancing in South Ockendon?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in South Ockendon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey completed on a house in South Ockendon prior to appointing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies tend not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in South Ockendon. Conveyancing will be smoother if you use a solicitor in South Ockendon especially if they are familiar with such properties in South Ockendon.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in South Ockendon and how can your lawyers assist?
The particular law that you refer to provides protection to commercial leaseholders, giving them the right to make a request to court for a new tenancy and continue in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in South Ockendon