We are buying our first property. The conveyancing practitioner has e-mailedto enquire if we would like to take out extra conveyancing searches. Frankly we are clueless as to what's recommended for conveyancing in Colchester
The quantity and type of Colchester conveyancing searches should be dictated entirely on the property, the location, the likelihood of any of these risks, your familiarity of the locality and risks, your overall appetite to risk. What matters is that you properly appreciate what information the searches could supply. You may then decide if you consider that you need that information. If unsure, ask your conveyancer to provide guidance.
I purchased a freehold property in Colchester but still pay rent, why is this and what is this?
It is rare for properties in Colchester and has limited impact for conveyancing in Colchester 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 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 post 2037 will be extinguished.
I require expedited conveyancing in Colchester as I have an ultimatum to exchange contracts within one month. Thankfully I do not need a mortgage. Can I decline from having conveyancing searches to save money and time?
If.Given you are not getting a mortgage you have the choice not to do searches although no law firm would suggest that you don't. Drawing on our experience of conveyancing in Colchester the following are examples of issues that can crop up and adversely affect the marketability of the property: Refused Planning Applications, Overdue Fees, Outstanding Grants, Unadopted Roads,...
I have a 4 bedroom Edwardian house in Colchester. Conveyancing solicitor represented me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Colchester and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing solicitor who conducted the conveyancing.
I am buying a new build house in Colchester with the aid of help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not disclose to my solicitor about the deal as it would affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Is there a reason that Colchester conveyancing fees are higher for leasehold and freehold properties?
If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control