I purchased a freehold property in Falconwood but still pay rent, why is this and what is this?
It is rare for properties in Falconwood and has limited impact for conveyancing in Falconwood 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 creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Are the BSA intent on creating a searchable register to list solicitors on the Melton Mowbray Building Society conveyancing panel for example in Falconwood?
Lexsure has not been advised of any intention on the part of the BSA to promote such a register.
Should commercial conveyancing searches reveal impending roadworks that could impact a commercial premises in Falconwood?
Its becoming the norm that commercial conveyancing solicitors in Falconwood will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Falconwood. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Falconwood.
For every commercial conveyancing transaction in Falconwood it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Falconwood commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Falconwood.
I purchased a terraced Edwardian property in Falconwood. Conveyancing practitioner represented me and HSBC Bank. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to read 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Falconwood and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing practitioner who conducted the purchase.
I am buying a new build house in Falconwood with a mortgage from Halifax. The developers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not disclose to my conveyancer about the side-deal as it may affect my mortgage 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.
Due to the advice of my in-laws I had a survey completed on a property in Falconwood prior to retaining conveyancers. I have been informed that there is a flying freehold element to the property. My surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Falconwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Falconwood to see if the conveyancing costs will increase in light of this.