I am the registered owner of a freehold premises in Hungerford but still pay rent, why is this and what is this?
It is rare for properties in Hungerford and has limited impact for conveyancing in Hungerford 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We're in Hungerford, First timers buying with a mortgage (lender is Barclays , and our lawyer is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My bid for a property was accepted at auction in Hungerford. Conveyancing is necessary. What happens now?
Given that you are now exchanged you will need to find a conveyancing practitioner as a matter of priority as you now have a tight deadline in which to complete the conveyancing. Every auction property should have a bespoke auction set of papers. This will likely include most,if not all of the paperwork that your conveyancer will need. If you have purchased leasehold premises the conveyancing papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to pass this on to the solicitor instructed by you ASAP. Do make sure that your finances are in place to complete on the on the contractual date .
I'm the sole recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Hungerford. Conveyancing formalities meant that the Land Registry date was in April. I want to move. I do know about the CML six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the property in April. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view lenders take of it, depend on the mortgage company as this provision is chiefly there to identify subsales or the flipping of property.
My wife and I have arranged the release of further monies on our mortgage from Leeds Building Society as we wish to carry out improvements to our home in Hungerford. Do we need to select a nearby Hungerford solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?
Leeds Building Society do not ordinarily appoint firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society panel.
I am purchasing a new build house in Hungerford with a mortgage from Accord Mortgages Ltd. The builders would not move on the amount so I negotiated 6k of additionals instead. The sale representative told me not reveal to my solicitor about the side-deal as it will affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
Taking into account that I am about to part with £400,000 on a terraced house in Hungerford I would like to talk to a conveyancer concerning thetransaction prior to instructing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer due to be doing your conveyancing in Hungerford.There is no ‘factory style conveyancing’ - each client is unique person, not a matter reference. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Hungerford should be the figure that you are charged.
Two months into purchasing a residence in Hungerford. Conveyancing lawyer has told us the title is "Leasehold". Does this make a difference on our home loan valuation?
Hungerford conveyancing does not usually involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's virtually freehold, so it shouldn't impact the value significantly.
On the flip side, if it's, say, Sixty years it is bound to have a material effect on the value, and most likely wouldn't be acceptable to the bank. The length of lease and ground rent will be specified in the lease provided to your conveyancing practitioner.