I purchased a freehold residence in Surbiton but nevertheless charged rent, why is this and what is this?
It is rare for properties in Surbiton and has limited impact for conveyancing in Surbiton 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 new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
We're in Surbiton, First time buyers buying with a mortgage (lender is Aldermore , and our lawyer is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Various internet forums that I have come across warn that are the main reason for obstruction in Surbiton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Surbiton.
I have recentlyfound out that Action Conveyancing have been shut down. They carried out my conveyancing in Surbiton for a purchase of a freehold house 12 months ago. How can I check that my home is registered correctly in the name of the previous owner?
The easiest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Surbiton conveyancing specialists.
I'm purchasing a new build house in Surbiton with a loan from Barclays Direct. The developers refused to move on the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my solicitor about this deal as it would affect my mortgage with Barclays Direct. Should I keep quiet?.
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 decided to have a survey done on a property in Surbiton before appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some lenders will refuse to issue a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Surbiton. Conveyancing may be slightly more expensive based on your lender's requirements.