I own a freehold premises in Manningtree yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Manningtree and has limited impact for conveyancing in Manningtree 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
We had chosen solicitors located in Manningtree on the Skipton solicitor approved list. They are now charging me a further charge for handling the Skipton mortgage. Is this an additional conveyancing fee specified by Skipton?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner can charge a fee for this. This charge is not set by Skipton but by your Manningtree conveyancing practitioner. Some firms on the Skipton panel will charge ’dealing with mortgage’ fee but many practices incorporate it on their overall fee.
I have paid off my mortgage with Skipton. I assume I don't need a Manningtree solicitor on the Skipton panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
Planning on purchasing a flat in Manningtree. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Manningtree conveyancing practitioner is on the Co-operative conveyancing panel.
How does conveyancing in Manningtree differ for newly converted properties?
Most buyers of new build or newly converted property in Manningtree contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Manningtree usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Manningtree or who has acted in the same development.
I decided to have a survey completed on a house in Manningtree before instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some banks tend not issue a loan on such a property.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Manningtree. Conveyancing may be slightly more expensive based on your lender's requirements.
Last December I purchased a leasehold property in Manningtree. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Manningtree - Examples of Questions you should consider before Purchasing
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Is the freehold owned jointly by the tenants? Are any of leasehold owners in dispute over their service charge payments? How much is the annual maintenance fee and ground rent?
Builders have put forward a conveyancing practitioner and I've obtained a quote from them. It's almost £400 less expensive than my family Manningtree conveyancing practitioner. What's the catch?
Housebuilders often have lists of lawyers who are quick and who know the seller’s documentation and solicitor. As many developers offer an incentive to choose their approved conveyancer for this reason, any increased cost can be avoided and a builder will not recommend a conveyancing factory and run the risk of having the conveyancing delayed when they demand an exchange within a tight deadline. A counter-argument for not opting for the suggested conveyancing practitioner is that they may prove hesitant to 'push' your interests at the risk of upsetting the sellers. Where you have concerns that this may be the situation you should remain with your high street Manningtree lawyer.