I am the registered owner of a freehold residence in Yate but still invoiced for rent, why is this and what is this?
It is rare for properties in Yate and has limited impact for conveyancing in Yate 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 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 dispensed with completely.
Are the BSA planning on creating a online directory to list practices on the Norwich and Peterborough Building Society conveyancing panel for instance in Yate?
We have not been informed any intention on the part of the BSA to develop such a search facility.
Various online forums that I have frequented warn that are the main cause of stalling in Yate house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Yate.
I'm purchasing my first flat in Yate benefiting from help to buy. The developers would not move on the amount so I negotiated 6k of extras instead. The property agent told me not to tell my lawyer about this side-deal as it may affect my loan with the lender. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Yate is the location of the property. Can you shed any light on this issue?
Flying freeholds in Yate are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Yate you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yate may ascertain 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.
I'm converting the mortgage on my existing property to a BTL loan with Barnsley Building Society and I will use the rest of the raised equity as a down payment on further property. The neighborhood we are talking about is Yate. Will your lawyers be able to act for the two lenders and tie in the conveyances?
Make use of our comparison tool on this site to ensure that the lawyers are approved by both mortgage companies. Having checked that they are your solicitor should be able to tie up the two transactions but you should have a chat with you conveyancer and make clear your expectations and needs.