I own a freehold property in Kirkby In Furness but still invoiced for rent, why is this and what is this?
It is rare for properties in Kirkby In Furness and has limited impact for conveyancing in Kirkby In Furness 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 post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
3 months have gone by since my purchase conveyancing in Kirkby In Furness completed. I have checked the Land Registry site which shows that I paid £200,000 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 premises 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.
I am buying my first flat in Kirkby In Furness with a loan from Alliance & Leicester . The builders refused to reduce the amount so I negotiated 6k of extras instead. The estate agent advised me not disclose to my solicitor about this side-deal as it could impact my mortgage with the bank. 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Kirkby In Furness I like with a park and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Kirkby In Furness suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Am I right to be wary that brokers that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Kirkby In Furness conveyancing practice?
As is the case with lots of professional services, often input from relatives can be extremely useful or valuable. Nevertheless there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may suggest solicitors to retain. Sometimes the lawyers might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the endorsement. You are free to choose your preferred conveyancer. However, bear in mind that some mortgage providers specify a panel list of conveyancers you have to use for the mortgage related work in your conveyancing.
My wife and I have recently had an offer accepted on a property and had meeting on Tuesday with Leeds Building Society for the mortgage. They have informed us that when it comes to selecting a conveyancer that unless they are on their approved panel of lawyers then we will have to pay out an additional charge of £200. This is because they will then have to appoint a conveyancer to act on their behalf in addition to the one we choose to act for ourselves and we are liable for their invoice. I have asked Leeds Building Society to send me with a list so I can obtain quotes only from their approved lawyers but was told that I need to check with each individual lawyer to see if they are on the panel. What would be the best way of going about this?
You can enquire of Leeds Building Society what their panel criteria is for a solicitor.Then ask the lawyer of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society historically. Where the answer to those is yes, then just clarify this with Leeds Building Society. Another option is to use our search tool and we should be able to locate a solicitor in Kirkby In Furness on the approved list for Leeds Building Society.