I am purchasing a house for cash in Yatton. I have resided for the previous dozen years in Yatton. Conveyancing searches are expensive. Given that I have knowledge of the area and road intimately must I have all the conveyancing searches?
In the absence of a home loan, then almost all of the Yatton conveyancing searches are non-obligatory. Your lawyer will ’encourage you, no-doubt strongly, that you should have searches completed, but she is duty bound to take that path of guidance. One thing to bear in mind; if you are likely to sell the house in the future, it will be of relevance to your future purchaser what the searches contain. There are plenty of instances where properties with apparent issues can still reveal negative search results. A good conveyancing solicitor in Yatton should be able to give you some practical advice in this regard.
I purchased a freehold house in Yatton but nevertheless charged rent, why is this and what is this?
It is rare for properties in Yatton and has limited impact for conveyancing in Yatton 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 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 after 2037 will be extinguished.
After reviewing online forums for an affordable lawyer in Yatton, many post that I must use a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's leading mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Society for Licensed Conveyancers. Yatton is one of the numerous areas in England and Wales where there are Accredited lawyers.
I have been told that property searches are the primary cause of delay in Yatton conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Yatton.
five months have elapsed since my purchase conveyancing in Yatton completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey done on a house in Yatton prior to retaining lawyers. I have been told that there is a flying freehold element to the property. The surveyor has said that some banks tend refuse to issue a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Yatton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Yatton to see if the conveyancing costs will increase in light of this.