My wife and I are planning to purchase a home in Wheathampstead and have appointed a Wheathampstead conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Skipton Building Society have this evening contacted us to advise us that there is now an issue as our Wheathampstead solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Wheathampstead lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our grandson is purchasing a house that has just been built in Wheathampstead with a home loan from RBS. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold residence in Wheathampstead but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Wheathampstead and has limited impact for conveyancing in Wheathampstead 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 creation of new rentcharges post 1977.
Previous 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 need some expedited conveyancing in Wheathampstead as I have an ultimatum to exchange contracts in less than 2 weeks. Fortunately I do not require a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you have the choice not to do searches although no conveyancer would advise that you don't. With lots of history conveyancing in Wheathampstead the following are examples of issues that can crop up and adversely impact future saleability: Enforcement Notices, Overdue Charges, Outstanding Grants, Railway Schemes,...
I have been on the look out for a ground for flat up to £245,000 and identified one near me in Wheathampstead I like with amenity areas and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Wheathampstead for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
How do I find out who is the owner of a house in Wheathampstead?
As long as the premises is registered with HM Land Registry, and you have requisite specifics of the address of the premises, you will be able to see results from the the Land Registry of the recorded owner for a fee.