I am the registered owner of a freehold residence in Woking but still charged rent, why is this and what is this?
It’s unusual for properties in Woking and has limited impact for conveyancing in Woking 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Are all Woking Conveyancing Quality Solicitors on the Kent Reliance conveyancing list of approved practices?
It is true that some lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
When it comes to mortgage companies such as Coventry BS, do Woking property lawyers incur an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Can you point me to a directory of Nationwide panel conveyancers in Woking on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings available online. If you are seeking to appoint a Woking solicitor on the Nationwide please make the most of our tool.
Should my lawyer be making enquiries about flooding during the conveyancing in Woking.
Flooding is a growing risk for conveyancers carrying out conveyancing in Woking. Some people will buy a property in Woking, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a various searches that can be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Woking. The standard property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to determine whether the premises has historically flooded. In the event that the property has been flooded in past which is not disclosed by the seller, then a purchaser may issue a legal claim for losses resulting from an incorrect answer. The purchaser’s solicitors may also conduct an enviro report. This will indicate whether there is any known flood risk. If so, additional investigations should be initiated.
I'm purchasing my first flat in Woking with a mortgage from HSBC Bank. The sellers would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not inform my solicitor about this side-deal as it would impact my mortgage with HSBC Bank. Do I keep my lawyer in the dark?.
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.
What makes your site different to alternative web based conveyancing solicitors when it comes to conveyancing in Woking?
At this site get a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Woking. Unlike many estate agents and brokerage sites we do not have referral deals with solicitors. A large number of agents and online brokers 'recommend' the firm that pays the highest per referral, not the best value conveyancing in Woking
I have just started marketing my ground floor apartment in Woking. Conveyancing lawyers have not yet been instructed, but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as normal as all ground rent and service payments will be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a basement flat in Woking, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Woking with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2078
With 53 years remaining on your lease we estimate the premium for your lease extension to be between £27,600 and £31,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.