I am the registered owner of a freehold residence in Edgware but nevertheless charged rent, why is this and what is this?
It is rare for properties in Edgware and has limited impact for conveyancing in Edgware 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 establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
A colleague advised me that in buying a property in Edgware there may be various restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of anumerous of properties in Edgware which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Edgware should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Edgware. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
As your lender is Yorkshire BS your lawyer must comply with the formal requirements contained in Section two of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and solicitors are required to report to Yorkshire BS where a lease fails to satisfy these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Edgware.
TSB have agreed my home loan in principle, my bid on a property in Edgware has been agreed to, now what?
The property agent will need to be advised as to your solicitor's details (make sure the conveyancing practitioners are on the bank’s approved list). Call up TSB or your financial adviser and finish off any relevant forms. TSB will sellect a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes on average a fortnight to get a mortgage offer. TSB will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Edgware.
Are there restrictive covenants that are commonly identified as part of conveyancing in Edgware?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Edgware. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Edgware with the aid of help to buy. The sellers would not budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not to tell my conveyancer about the side-deal as it may put at risk my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Edgware is the location of the property. Is there any guidance you can give?
Flying freeholds in Edgware are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Edgware you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edgware may ascertain 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 residence.
Finally our conveyancing in Edgware is set to complete this Friday, however the owners I am buying from wants to vacate 24 hours later at noon. Should I agree to this?
It is not possible to complete on a Saturday due to the bank systems aren't operating.