I purchased a freehold property in Canton yet invoiced for rent, why is this and what is this?
It is rare for properties in Canton and has limited impact for conveyancing in Canton 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 generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
A relative informed me that in buying a property in Canton there could be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
There are a number of properties in Canton which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Canton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am due to exchange contracts on my house. I had a double glazing fitted in September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Bank of Ireland are being pedantic. The Canton solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Our sealed bid on a detached house in Canton has been accepted, the sellers do however have a connected purchase. The owners have offered on on an apartment, however it’s not yet agreed to, and are looking at other properties booked. I have instructed a high street conveyancing solicitor in Canton. What do I do now? When should I get the mortgage application with Yorkshire BS started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of £1k, then survey, Canton conveyancing search charges, etc). First, you must check that your solicitor is on the Yorkshire BS approved list. As to the next steps this very much dictated by the circumstances of your transaction, attraction to this property and on the state of the market. During a hot market many home buyers would apply for the mortgage with Yorkshire BS and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to move forward with the conveyancing in Canton.
It has been five months since my purchase conveyancing in Canton took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 property 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'm purchasing my first flat in Canton with the aid of help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not to tell my conveyancer about this side-deal as it would impact my mortgage with the bank. Is this normal?.
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.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Canton is the location of the property. Is there any guidance you can give?
Flying freeholds in Canton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Canton you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We are in the middle of purchasing a house in Canton. Conveyancing lawyer has phoned to say the title is "Leasehold". Does this adversely affect our home loan valuation?
Canton conveyancing does not ordinarily involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's essentially freehold, so it’s unlikely to impact the value too much.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a adverse effect on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your solicitor.