I purchased a freehold property in Tufnell Park yet charged rent, why is this and what is this?
It’s unusual for properties in Tufnell Park and has limited impact for conveyancing in Tufnell Park 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 many centuries, but the Rent Charge Act 1977 barred the establishment 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 in 2037 will be extinguished.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would prefer to instruct a Tufnell Park based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel conveyancers where you accept the "fee-free" offer. Call the lender to ask if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Tufnell Park.
We expect to receive a AIP from Barclays this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Tufnell Park solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Tufnell Park solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
I have paid off my mortgage with Santander. I assume I don't need a Tufnell Park conveyancer on the Santander panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Santander 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 Santander mortgage from the register. Santander, 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 Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
My sealed bid on a house in Tufnell Park has been agreed to, the sellers do however have a dependent purchase. The owners have put an offer on a property, however it’s not been accepted yet, and have viewings of other flats in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Tufnell Park. What should be my next step? When do I get the mortgage application with Yorkshire BS going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Tufnell Park conveyancing search fees, etc). The first thing to do is ensure that your lawyer is on the Yorkshire BS approved list. As to the subsequent stages this very much dictated by the uniqueness of your transaction, attraction to the property and on the state of the market. In a buoyant market some home buyers will apply for the mortgage with Yorkshire BS and pay for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
How does conveyancing in Tufnell Park differ for newly converted properties?
Most buyers of new build property in Tufnell Park approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Tufnell Park typically purchase 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 property lawyers 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 Tufnell Park or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Tufnell Park is the location of the property. Can you offer any guidance?
Flying freeholds in Tufnell Park are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tufnell Park you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tufnell Park may decide 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 residence.
We are four weeks into a residential purchase having been referred to solicitors by the high street agent to do our conveyancing in Tufnell Park. I am not happy. Can you you assist me in finding new solicitors?
They would need to be very bad to suggest changing them. Has the loan offer been issued? In the event that it has you must advise them of the new solicitor and get the loan are issued to the new lawyers. The conveyancer needs to be on the lenders approved list to avoid escalating expenses and frustration. So that should be your starting point. Our find a solicitor tool can help you find a bank approved conveyancer for your conveyancing in Tufnell Park