I purchased a freehold premises in Wombourne but still charged rent, why is this and what is this?
It is rare for properties in Wombourne and has limited impact for conveyancing in Wombourne 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 creation 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 post 2037 is to be dispensed with completely.
Various internet forums that I have visited warn that are a common cause of hinderance in Wombourne house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Wombourne.
How does conveyancing in Wombourne differ for newly converted properties?
Most buyers of new build premises in Wombourne contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Wombourne tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wombourne or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Wombourne is where the house is located. Can you offer any guidance?
Flying freeholds in Wombourne are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wombourne you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wombourne may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it simple use the search tool to select a conveyancing practitioner in Wombourne on the panel for my mortgage?
First choose a lender such as Nationwide Building Society, Coventry Building Society or Barclays Direct then choose your preferred area such as Wombourne. Conveyancing organisations in Wombourne and beyond will then be shown.
I would be grateful if you would explain what options are available to me if my Wombourne conveyancing searches shows negative entries?
Normally, most adverse entries that arise in Wombourne conveyancing search responses can be addressed in advance of completion or title insurance can be taken. It is crucial to note that even though you may be purchasing the property and may be willing to live with the search results, your building society or bank may not, and when all said and done the decision rests with them.