I purchased a freehold property in South Petherton and Lambrook but still charged rent, why is this and what is this?
It’s unusual for properties in South Petherton and Lambrook and has limited impact for conveyancing in South Petherton and Lambrook 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.
Previous 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 dispensed with completely.
My uncle pointed out to me me that in buying a property in South Petherton and Lambrook there may be various restrictions prohibiting external changes to the property. Is this right?
We are aware of anumerous of properties in South Petherton and Lambrook which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in South Petherton and Lambrook should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have instructed a South Petherton and Lambrook conveyancing practitioner having checked that they are on the Bank of Ireland conveyancing panel. Does my lawyer arrange the survey of the property?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own South Petherton and Lambrook surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Aldermore have agreed my home loan in principle, my bid on a house in South Petherton and Lambrook has been accepted, what are the next steps?
The estate agent will want to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s panel). Call up Aldermore or your financial adviser and finish off any outstanding paperwork. Aldermore will instruct a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Aldermore 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 South Petherton and Lambrook.
I purchased a 4 bedroom Georgian property in South Petherton and Lambrook. Conveyancing solicitor represented me and Coventry Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in South Petherton and Lambrook and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who completed the work.
I am buying my first flat in South Petherton and Lambrook benefiting from help to buy. The builders would not budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not inform my lawyer about the deal as it could adversely affect my loan 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.
I opted to have a survey carried out on a house in South Petherton and Lambrook before retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will not issue a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in South Petherton and Lambrook. Conveyancing will be smoother if you use a solicitor in South Petherton and Lambrook especially if they regularly deal with such properties in South Petherton and Lambrook.
At what stage do I pay the Stamp Duty Land Tax chargeable for my South Petherton and Lambrook house purchase?
Your property lawyer will fill out a Land Transaction Return Form on your behalf during your South Petherton and Lambrook purchase transaction for you to sign. After completion your property lawyer will submit the STL application to the Tax Authorities and - assuming they have the funds - discharge any land tax payable on your behalf.