I own a freehold property in Wells yet invoiced for rent, why is this and what is this?
It is rare for properties in Wells and has limited impact for conveyancing in Wells 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 lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am considering applying for a Leeds Building Society mortgage for purchase of a newly converted (under development) in Wells with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Please help - my lawyer advises that lack of right of way insurance is required on my purchase. What is the level of cover for Wells conveyancing?
The right level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Barclays and Chelsea Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
Last month we had a mortgage agreed in principle with Santander. Wells conveyancing practitioners have been appointed. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander completed the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have a mortgage with Nottingham for my property in Wells. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
Nottingham must be informed of your intention prior to letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel solicitor.
What can a local search inform me about the house I am purchasing in Wells?
Wells conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Searches UK The local search plays a central role in many a Wells conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
Are there restrictive covenants that are commonly identified as part of conveyancing in Wells?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Wells. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been sourcing a conveyancing practitioner in Wells for my sale. Is there any facility to check a firm’s complaints history with the profession’s regulator?
Members of the public can see documented Solicitor Regulator Association (SRA) determinations arising from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training purposes.