I am acquiring a brand new flat in Stroud and my lawyer is advising me that she is duty bound to the lender to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and I have no desire to prolong the conveyancing. 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 lender panel is to comply with the UK Finance Lenders’ Handbook requirements. 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 own a freehold residence in Stroud yet pay rent, why is this and what is this?
It’s unusual for properties in Stroud and has limited impact for conveyancing in Stroud 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 establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My brother-in-law has suggested I instruct a conveyancing solicitor in Stroud. I I am struggling to find out if they are on the Accord Mortgages Ltd approved list of lawyers. Could you or the lender confirm if they are on the panel?
The first thing you should do is e-mail your conveyancer and ask them if they are on the lender panel. Alternatively you can call Accord Mortgages Ltd who may be able to confirm.
My wife and I are planning on selling our house in Stroud and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any local conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using a web based conveyancing firm as opposed to a conveyancing solicitor in Stroud. Having lived in Stroud for many years we know that this is a non issue. Should we contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I have been on the look out for a ground for flat up to £245,000 and found one close by in Stroud I like with a park and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Stroud in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Why do Stroud conveyancing fees are higher for leasehold and freehold properties?
If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control