I purchased a freehold house in Studley but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Studley and has limited impact for conveyancing in Studley 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
The Studley conveyancing firm that just started acting on my house acquisition in Studley have suddenly closed. They were on acting for me because I had to have a lawyer on the Leeds Building Society conveyancing panel and my previous Studley lawyer was not. I paid them 275 plus VAT on account. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
What is the difference between a licensed conveyancer and conveyancing solicitor in Studley
There are many recorded licenced Conveyancers in Studley and Solicitor firms in Studley who can help with your conveyancing It is important to make clear that both are regulated professionals specialising in the legal work in transferring property. Both can conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I am helping my step-mother sell her house in Studley. Does the conveyancer order an energy assessment or it is for the owner to coordinate?
After the abolition of Home Information Packs, energy assessments was left as a mandatory element of selling a property. An energy performance certificate must be to hand prior to the property being marketed. It is not something that lawyers normally arrange. If you are using a Studley conveyancing practitioner they may be willing to arrange energy assessments due to their contacts with reputable local accredited person
My conveyancer has informed me that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Studley?
The right level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between Barclays and Leeds Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
We are buying a house and the solicitor has referenced Chancel Repair for which the property could be liable given it’s proximity to the area of such a church. She has suggested insurance. Is this really necessary for conveyancing in Studley
Unless a previous acquisition of the premises completed after 12 October 2013 you can take it that lawyers conducting conveyancing in Studley to remain recommending a chancel search and or insurance against a claim.
How does conveyancing in Studley differ for new build properties?
Most buyers of new build property in Studley approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because house builders in Studley tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Studley or who has acted in the same development.
I decided to have a survey carried out on a property in Studley in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some banks tend refuse to issue a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Studley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Studley to see if the conveyancing costs will increase in light of this.