I purchased a freehold property in Torpoint yet charged rent, why is this and what is this?
It is rare for properties in Torpoint and has limited impact for conveyancing in Torpoint 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 creation of new rentcharges from 1977 onwards.
Old 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 extinguished.
Is it the case that all Torpoint solicitor firms on the Virgin Money conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
It is not clear whether my lender requires a lease extension. I have telephoned my Torpoint building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Torpoint conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the solicitor is on the lender approved list, they must follow the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
My offer was accepted on an apartment in Torpoint on 15/4/2025, valuation was booked 4 days later, all came back fine. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to Barclays and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Barclays conveyancing panel. Are Barclays entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have justbeen informed that Action Conveyancing have closed. They carried out my conveyancing in Torpoint for a purchase of a freehold house 10 months ago. How can I establish that my home is not still registered in the name of the previous owner?
The quickest way to check if the property is registered to you, you can carry out 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 Torpoint conveyancing specialists.
I'm buying my first flat in Torpoint with a loan from Alliance & Leicester . The builders would not move on the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not inform my solicitor about this side-deal as it may impact my loan with the lender. 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Torpoint I like with open areas and railway links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Torpoint in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
My partner has suggested that I appoint his lawyers for conveyancing in Torpoint. Do I follow his recommendation?
Much as we are happy to recommend a Torpoint conveyancing lawyer the best way to find a conveyancing lawyer is to get recommendations from friends or family who have experience in using the conveyancer you're contemplating using.