We are acquiring our first property. Our property lawyer has messagedto see if we wish to purchase additional conveyancing searches. We are really unsure what's necessary for conveyancing in Pratt's Bottom
The type of Pratt's Bottom conveyancing searches depends primarily on the property, the location, the possibility of any of these risks, your knowledge of the locality and risks, your general approach to risk. What is important is that you properly comprehend what information the searches could provide. You may then make a decision if you personally think you need that information. Where you are in doubt, ask the property lawyer to offer guidance.
I purchased a freehold premises in Pratt's Bottom but nevertheless charged rent, why is this and what is this?
It is rare for properties in Pratt's Bottom and has limited impact for conveyancing in Pratt's Bottom 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 establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am remortgaging my apartment in Pratt's Bottom, does my lawyer have to be on the Barclays Conveyancing panel?
There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Me and my partner are purchasing a apartment in Pratt's Bottom. I might seem paranoid but how we can trust a conveyancer? At some point we have to send funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am the sole recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Pratt's Bottom. Conveyancing formalities meant that the Land Registry date was in March. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship may be considered the same way as though I had purchased the property in March. Do I have to wait 6 months to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this clause is chiefly there to capture the purchase and immediately sell or the quick reselling of properties.
I have instructed a Pratt's Bottom property lawyer having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Pratt's Bottom surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am purchasing a new build house in Pratt's Bottom benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my solicitor about the side-deal as it will adversely affect my mortgage with the bank. 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.
I am thinking of appointing an online lawyer rather than a Pratt's Bottom conveyancing firm. Am I making a mistake?
There are advantages of being able to visit a local Pratt's Bottom conveyancing solicitor for example
- signing documents same day
- getting face-to-face explanations of things you don't understand
- the ability to complain if matters go pear-shaped
When analysing quotes, look out for hidden extras. The majority decent Pratt's Bottom high street solicitors give an all-inclusive figure. Often online companies appear to offer discounted fees, yet have hidden 'extras' in the in the terms and conditions.