I am the registered owner of a freehold house in Bridport but still charged rent, why is this and what is this?
It’s unusual for properties in Bridport and has limited impact for conveyancing in Bridport 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh 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 in 2037 will be dispensed with completely.
We are selling our flat in Bridport. Does the conveyancer need to be required to be on the Coventry BS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
Will my conveyancer be making enquiries regarding flooding as part of the conveyancing in Bridport.
Flooding is a growing risk for conveyancers dealing with homes in Bridport. Plenty of people will acquire a house in Bridport, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Bridport. The conventional set of property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to determine if the property has suffered from flooding. If flooding has previously occurred which is not revealed by the vendor, then a purchaser could bring a compensation claim as a result of such an misleading answer. A purchaser’s lawyers should also order an environmental report. This will higlight if there is any known flood risk. If so, more detailed inquiries should be made.
It has been 2 months since my purchase conveyancing in Bridport concluded. I have checked the Land Registry site 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 asset 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 am buying a new build house in Bridport with a mortgage from The Royal Bank of Scotland. The sellers refused to move on the amount so I negotiated £7000 of additionals instead. The property agent told me not disclose to my solicitor about this extras as it may adversely affect my mortgage with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a house in Bridport prior to retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not grant a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you e-mail 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 Bridport. Conveyancing will be smoother if you use a solicitor in Bridport especially if they are familiar with such properties in Bridport.