I am the registered owner of a freehold residence in Street but still charged rent, why is this and what is this?
It is rare for properties in Street and has limited impact for conveyancing in Street 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Have just purchased a probate house at auction in Street. Conveyancing is required. What happens now?
Having legally committed yourself to purchase you will need to retain a conveyancing practitioner soon as you are facing a tight a fixed date to complete the conveyancing. An auction property will have a bespoke legal pack. This should include most,if not all of the paperwork that your solicitor will need. In the case of leasehold property the legal pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You need to pass this on to the lawyer instructed by you ASAP. Do make sure that that you have the requisite funding in order to complete the transaction on the set completion date.
We had selected conveyancing lawyers located in Street on the Virgin Money solicitor panel. They are now charging me a further sum for handling the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer may charge a fee for this. This fee is not dictated by Virgin Money but by your Street conveyancer. Some firms on the Virgin Money panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
I have paid off my mortgage with RBS. I assume I don't need a Street conveyancer on the RBS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your RBS 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 RBS mortgage from the register. RBS, 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 RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
Me and my brother have a terraced Victorian house in Street. Conveyancing lawyer represented me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Street and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing solicitor who conducted the purchase.
I'm buying a new build house in Street benefiting from help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not disclose to my lawyer about this side-deal as it will put at risk my loan with Chelsea Building Society. 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.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Street is the location of the property. What do you suggest?
Flying freeholds in Street are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Street you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Street may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What tools are available to search for a Street solicitor on the Bank of Scotland conveyancing panel? I drive a motor bike and am happy to travel upto 25miles to meet the solicitor.
You can use the search on this page. Please choose the lender and your location and you will see a number of Street conveyancing lawyers based on proximity. We have detailed some Street conveyancing firms towards the end of this page and you can ring them to verify if they are on the Bank of Scotland member panel