I purchased a freehold house in Chafford Hundred but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Chafford Hundred and has limited impact for conveyancing in Chafford Hundred 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 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 post 2037 is to be dispensed with completely.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Chafford Hundred. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 4/4/2024, the requirements read as follows :
My lawyer has informed me that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Chafford Hundred?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
When it comes to mortgage companies such as UBS, do Chafford Hundred property lawyers face a fee to be on the list of approved solicitors?
We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I am buying a property in Chafford Hundred. A rare aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with RBS your lawyer must check the formal instructions set out in Part two of UK Finance Lenders’ Handbook for RBS. The CML Handbook includes minimum specifications for solar panel roof-space leases, and conveyancers are required to report to RBS where a lease does not satisfy these requirements. The provisions relate to the installation of panels on properties countrywide and is not limited to Chafford Hundred.
What will a local search inform me about the house we're buying in Chafford Hundred?
Chafford Hundred conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search is essential in every Chafford Hundred conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
It has been 2 months since my purchase conveyancing in Chafford Hundred 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 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.
Am I best advised to instruct a Chafford Hundred conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can carry out the conveyancing however they are based approximately 350miles drive away.
The primary upside of using a local Chafford Hundred conveyancing firm is that you can visit the firm to sign documents, deliver your ID and apply pressure on them if necessary. They will also have local insight which is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and they were content that should surpass using an unfamiliar Chafford Hundred conveyancing solicitor just because they are based in the area.