I purchased a freehold residence in South Ockendon yet charged rent, why is this and what is this?
It’s unusual for properties in South Ockendon and has limited impact for conveyancing in South Ockendon 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 creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
What is your number one tip for choosing a conveyancing solicitor in South Ockendon
Do not opt for the lowest South Ockendon conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
My wife and I have organised the release of further monies on our home loan from Virgin Money as we wish to conduct improvements to our property in South Ockendon. Do we need to select a bricks and mortar South Ockendon solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
My partner and I are at the point of viewing houses in South Ockendon and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Nationwide.
It would be wise to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are obtaining a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
Due to the encouragement of my in-laws I had a survey completed on a property in South Ockendon in advance of appointing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some banks may refuse to issue a loan on such a home.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in South Ockendon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in South Ockendon to see if the conveyancing will be more expensive.
Should I be concerned by estate agents that I am dealing with are recommending a national conveyancing firm rather than a local South Ockendon conveyancing firm?
As is the case with lots of professional services, often referrals from family and friends can be very helpful. But there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward conveyancers to appoint. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the recommendation. You are free to choose your preferred conveyancer. You need to be aware that the majority of banks specify a panel list of law firms you must use for the mortgage related work in your conveyancing.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in South Ockendon. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in South Ockendon ?
Most houses in South Ockendon are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in South Ockendon so you should seriously consider shopping around for a South Ockendon conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.
My wife and I have hit a brick wall in seeking a lease extension in South Ockendon. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to determine the price.
An example of a Lease Extension case for a South Ockendon property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired lease term was 57.5 years.
We have instructed a South Ockendon conveyancing solicitor for our house purchase (novice purchasers) and have spotted in the terms and conditions that they are not covered by the Financial Conduct Authority. Need I be worried or is that usually the case with lawyer?
We can't see why they should be. Most solicitor don't lend money. They should be regulated by the Solicitors Regulation Authority, who have stringent laws in relation to amounts deposited by them.