I own a freehold property in Canvey Island but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Canvey Island and has limited impact for conveyancing in Canvey Island 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 fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Canvey Island. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 29/1/2023, the requirements read as follows :
Two weeks ago we had a mortgage agreed in principle with RBS. Canvey Island conveyancing practitioners are chosen. How long does it take for RBS to forward the offer to the conveyancer?
Some lenders take longer than others. Have RBS completed the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Canvey Island. One unusual aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Aldermore your lawyer must follow the formal instructions outlined in Part two of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Aldermore where a lease fails to comply with these provisions. The provisions relate to the installation of panels on properties countrywide and is not isolated to Canvey Island.
After what seems like an age I have had an offer on a maisonette in Canvey Island agreed to, but there is a chain. The vendors have offered on a flat, however it’s not yet tied up, and are looking at other properties booked. I have selected a high street conveyancing solicitor in Canvey Island. What should be my next step? When do I get the mortgage application with Leeds Building Society started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of £1k, then survey, Canvey Island conveyancing search costs, etc). First, you must ensure that your conveyancing practitioner is on the Leeds Building Society conveyancing panel. As to the subsequent steps this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. During a buoyant market many purchasers would apply for a home loan with Leeds Building Society and arrange for the valuation and only if it comes back ok would they pay their conveyancer to press on with the conveyancing in Canvey Island.
Various internet forums that I have come across warn that are the primary reason for hinderance in Canvey Island house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Canvey Island.
It has been four months following my purchase conveyancing in Canvey Island took place. I have checked the Land Registry site which shows that I paid £175,000 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 premises 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.
My company is planning to take an assignment of a lease of an office on a shopping parade. Can you recommend solicitors offering no-sale-no costs for commercial conveyancing in Canvey Island for less than £2000?
We can recommend firms who have specialist knowledge of commercial conveyancing in Canvey Island, including the sale and acquisition of businesses as well as simply premises. Whether you are hoping to buy or lease a shop, pub, restaurant, office, retail premises or a complete business we will find you the right lawyer. As for the fees these will vary based on the structure and nuances of the proposed transaction. Please provide us with your contact information or telephone us so that we can supply you with a detailed commercial conveyancing calculation.