I purchased a freehold residence in Bourne but nevertheless pay rent, why is this and what is this?
It is rare for properties in Bourne and has limited impact for conveyancing in Bourne 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 generation 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 dispensed with completely.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Bourne. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/1/2021, the requirements read as follows :
Can I be sure that the Bourne conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Bourne getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor carrying out your conveyancing.
I recently had an offer accepted on an apartment in Bourne. My mortgage broker suggested a lawyer. I paid an advanced payment of £150. A few days later, the property lawyer contacted me to say that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have finally had an offer on a maisonette in Bourne accepted, but there is a chain. The sellers have offered on on an apartment, however it’s not yet agreed to, and have viewings of other flats booked. I have instructed a nearby conveyancing solicitor in Bourne. What do I do now? When should I get the mortgage application with Skipton started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then valuation, Bourne conveyancing search fees, etc). The first course of action is to ensure that your conveyancing practitioner is on the Skipton approved list. Regarding the next steps this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market some purchasers would apply for the mortgage with Skipton and pay for the valuation and only if it comes back ok would they request their property lawyer to press on with searches.
Should my conveyancer be asking questions about flooding as part of the conveyancing in Bourne.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Bourne. Plenty of people will acquire a property in Bourne, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a number of searches that can be undertaken by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Bourne. The standard property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to determine whether the property has ever been flooded. If flooding has previously occurred which is not revealed by the vendor, then a purchaser may bring a compensation claim stemming from an inaccurate response. A buyer’s conveyancers may also carry out an enviro report. This will disclose if there is a recorded flood risk. If so, more detailed investigations will need to be made.
How does conveyancing in Bourne differ for newly converted properties?
Most buyers of new build premises in Bourne come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Bourne tend to purchase the land, 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 conveyancing solicitors 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 Bourne or who has acted in the same development.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the bank conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Bourne as it will be easier to pop in to their offices if required.
Most conveyancing panel lawyers for the mortgage company undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Bourne. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.