I purchased a freehold house in Waltham Abbey but still charged rent, why is this and what is this?
It’s unusual for properties in Waltham Abbey and has limited impact for conveyancing in Waltham Abbey 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 generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
is it true that all Waltham Abbey solicitor practices on the Coventry BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Coventry BS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do list licenced conveyancers on their panel and in that case the practice would be regulated by the Council of Licensed Conveyancers.
Can I be sure that the Waltham Abbey conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Waltham Abbey seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor handling your transaction.
About to purchase house in Waltham Abbey. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Waltham Abbey lawyer is on the Principality conveyancing panel.
Should commercial conveyancing searches disclose proposed roadworks that may affect a commercial site in Waltham Abbey?
Its becoming the norm that commercial conveyancing solicitors in Waltham Abbey will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Waltham Abbey. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Waltham Abbey.
For each commercial conveyancing transaction in Waltham Abbey it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Waltham Abbey commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Waltham Abbey.
It has been three months following my purchase conveyancing in Waltham Abbey completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Waltham Abbey benefiting from help to buy. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not to tell my solicitor about this extras as it may adversely affect 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.
Due to the input of my in-laws I had a survey completed on a property in Waltham Abbey before instructing lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies will not give a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Waltham Abbey. Conveyancing will be smoother if you use a solicitor in Waltham Abbey especially if they regularly deal with such properties in Waltham Abbey.