I purchased a freehold premises in Waterlooville yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Waterlooville and has limited impact for conveyancing in Waterlooville 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 creation of fresh 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 after 2037 will be extinguished.
We are buying a property in Waterlooville. It might be a silly question but how we can trust a conveyancer? At some point we have to send our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Waterlooville conveyancing practitioner on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
Intending to buy a flat in Waterlooville. 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 Lloyds 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 Waterlooville property lawyer is on the Lloyds conveyancing panel.
I'm buying my first flat in Waterlooville with the aid of help to buy. The developers refused to reduce the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my lawyer about the side-deal as it would affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 encouragement of my in-laws I had a survey completed on a house in Waterlooville prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend refuse to give a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Waterlooville. Conveyancing may be slightly more expensive based on your lender's requirements.
What advice can you give us when it comes to choosing a Waterlooville conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Waterlooville conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Waterlooville conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in Waterlooville who can give a testimonial? What are the legal fees for lease extension conveyancing?
I inherited a leasehold flat in Waterlooville, conveyancing formalities finalised in 2002. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Waterlooville with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2077
With just 52 years left to run the likely cost is going to span between £29,500 and £34,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
Online reading suggests that Waterlooville solicitors are more costly than licensed conveyancers in Waterlooville to use when purchasing a property. Am I better off using a conveyancer or a solicitor if I am buying for my home move in Waterlooville.
When it comes to conveyancing in Waterlooville the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.