I own a freehold premises in Moorgate but nevertheless pay rent, why is this and what is this?
It is rare for properties in Moorgate and has limited impact for conveyancing in Moorgate 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 creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Me and my partner are buying a flat in Moorgate. It might be a silly question but how we can trust a solicitor? At some point we have to put our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously instructed conveyancing lawyers based in Moorgate on the Virgin Money solicitor approved list. They are now charging me a separate charge for handling the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
Provided it is contained in their Terms and Conditions or estimate then yes your lawyer can levy a fee for this. This charge is not set by Virgin Money but by your Moorgate solicitor. Some firms on the Virgin Money panel will charge an ‘acting for lender’ fee and others do not.
Nottingham have agreed my mortgage in principle, my bid on a property in Moorgate has been agreed to, now what?
Your estate agent will want to be informed of your conveyancer's details (ensure that the property lawyers are on the bank’s panel). Telephone Nottingham or the broker and complete any outstanding forms. Nottingham will appoint a valuer who will get in contact with the estate agent or seller to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes about a week to receive the mortgage offer. Nottingham will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Moorgate.
Me and my brother have a semi-detached Victorian property in Moorgate. Conveyancing practitioner acted for me and Chelsea Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Moorgate and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing practitioner who carried out the work.
How does conveyancing in Moorgate differ for newly converted properties?
Most buyers of new build property in Moorgate come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Moorgate typically buy 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 conveyancing solicitors 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 accustomed to new build conveyancing in Moorgate or who has acted in the same development.
My cousin has recommend that I instruct his lawyers for conveyancing in Moorgate. Do I take his guidance?
Much as we are happy to recommend a Moorgate conveyancing lawyer the best way to select a conveyancing lawyer is to have referrals from friends or family who have actually previously instructed the conveyancer that you are are thinking of instructing.
Why do I have to provide my conveyancing practitioner with various items of identification ahead of starting selling or buying a property in Moorgate?
Moorgate conveyancers are required by the Law Society, Solicitors Regulation Authority, HM Land Registry and current Money Laundering legislation to certify that the have verified the identity of their clients. It will also be a requirement of your bank if you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, national insurance number and date of birth.