I am the registered owner of a freehold property in Barbican yet charged rent, why is this and what is this?
It’s unusual for properties in Barbican and has limited impact for conveyancing in Barbican 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 fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
We previously selected conveyancing lawyers with offices in Barbican on the Barclays solicitor approved list. They have just invoiced me an additional sum for handling the Barclays mortgage. Is this an additional conveyancing fee specified by Barclays?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. This fee is not dictated by Barclays but by your Barbican conveyancer. Plenty of firms on the Barclays panel will quote an ‘acting for lender’ fee but many practices include it on their overall fee.
It is not clear whether my bank requires a lease extension. I have called into my local Barbican bank branch on numerous occasions and was told they are content with the situation and they will lend. My Barbican conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. I have no idea who is right.
Your property lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My sealed bid on a detached house in Barbican has been agreed to, the vendors do however have a connected purchase. The sellers have placed an offer on a property, but it’s not yet tied up, and have viewings of other properties in the pipeline. I have instructed a local conveyancing solicitor in Barbican. What do I do now? When do I get the mortgage application with Nationwide started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx £1k, then valuation, Barbican conveyancing search costs, etc). First, you must check that your lawyer is on the Nationwide conveyancing panel. Regarding the subsequent stages this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. During a hot market the majority of home buyers will apply for the mortgage with Nationwide and pay for the valuation and only if it comes back ok would they ask their lawyer to move forward with the conveyancing in Barbican.
Will my solicitor be raising questions concerning flooding as part of the conveyancing in Barbican.
Flooding is a growing risk for lawyers dealing with homes in Barbican. Plenty of people will acquire a property in Barbican, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a various checks that can be initiated by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Barbican. The conventional set of property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to find out if the premises has ever been flooded. In the event that the property has been flooded in past and is not revealed by the seller, then a purchaser may commence a claim for damages stemming from an incorrect reply. The purchaser’s lawyers may also conduct an enviro report. This will reveal if there is any known flood risk. If so, additional inquiries should be initiated.
How does conveyancing in Barbican differ for newly converted properties?
Most buyers of new build property in Barbican approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Barbican typically purchase the real estate, 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 Barbican or who has acted in the same development.
I am looking to sell my home. My former conveyancers have shut. I am in need of a recommendation of a conveyancing firm. Im based in Barbican if that affects matters.
Please use our search tool to help you choose a solicitor for your conveyancing in Barbican. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
My husband and I are novice buyers - agreed a price, yet the agent has warned us that the owners will only go ahead if we instruct their recommended conveyancers as they want a ‘quick sale’. We would rather use a family solicitor used to conveyancing in Barbican
We suspect that the owner is not behind this demand. Should the vendor desire ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Speak to the owners direct and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to appoint your own,trusted Barbican conveyancing lawyers - rather thanthe ones that will provide the negotiator at the agency a commission or achieve conveyancing targets set by corporate headquarters.