I own a freehold premises in Lower Clapton but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Lower Clapton and has limited impact for conveyancing in Lower Clapton 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 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 will be dispensed with completely.
I am considering applying for a TSB mortgage for purchase of a newly converted (under development) in Lower Clapton with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
In theory, you could use a solicitor that is not on the TSB conveyancing panel, but TSB would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am buying a new build flat in Lower Clapton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lower Clapton
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Please confirm the Lease plans are architect prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the input of my in-laws I had a survey completed on a house in Lower Clapton before appointing solicitors. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some banks tend refuse to give a loan on such a house.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lower Clapton. Conveyancing will be smoother if you use a solicitor in Lower Clapton especially if they are accustomed to such properties in Lower Clapton.
Should I be concerned that brokers that I am dealing with are recommending a web based conveyancing firm rather than a High Street Lower Clapton conveyancing practice?
As is the case with many service providers, often input from relatives can be worth their weight in gold. But there are lots of parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all recommend solicitors to retain. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You have the discretion to choose your own conveyancer. However, bear in mind that most mortgage providers specify a panel list of law firms you have to use for the mortgage aspect of your conveyancing.
When it comes to my conveyancing in Lower Clapton should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Lower Clapton conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.