I purchased a freehold house in Milford Haven yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Milford Haven and has limited impact for conveyancing in Milford Haven 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
We had instructed solicitors locally in Milford Haven on the Co-operative solicitor approved list. They have just invoiced me an additional fee for handling the Co-operative mortgage. Is this an additional conveyancing fee set by Co-operative?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancer may charge a fee for this. The charge is not dictated by Co-operative but by your Milford Haven conveyancer. Some firms on the Co-operative panel will charge ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
We are getting the release of further monies on our mortgage from Co-operative as we intend to conduct a loft conversion to our property in Milford Haven. Do we need to appoint a high street Milford Haven solicitor on the Co-operative conveyancing panel to handle the paperwork?
Co-operative do not ordinarily require firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
The mortgage over my property is with Lloyds for my property in Milford Haven. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds in advance of renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel firm.
Is it necessary to pay for insurance to cover chancel repairs when purchasing a property in Milford Haven?
Unless a previous purchase of the property took place post 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Milford Haven to continue to suggest a chancel search and or chancel repair liability insurance.
I'm purchasing my first flat in Milford Haven with a loan from Nationwide Building Society. The developers refused to reduce the price so I negotiated 6k of extras instead. The property agent told me not reveal to my lawyer about this deal as it will affect my loan with the lender. Should I keep quiet?.
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.
Is it simple use the search facility to find a conveyancing lawyer in Milford Haven on the approved list for my bank?
1st choose a lender such as Nationwide Building Society, The Mortgage Works or Clydesdale then type in your preferred area for instance Milford Haven. Conveyancing organisations in Milford Haven and beyond will then be listed.
Why do Milford Haven conveyancing fees are more expensive for leasehold and freehold properties?
Leasehold conveyancing in Milford Haven more often than not will involve additional due diligence including investigating the lease, communicating with the landlord, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.