I purchased a freehold house in Northampton but still charged rent, why is this and what is this?
It’s unusual for properties in Northampton and has limited impact for conveyancing in Northampton 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I am considering applying for a Lloyds mortgage for purchase of a newly converted (under development) in Northampton with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds 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.
When it comes to lenders such as Co-operative, do Northampton lawyers have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Does a directory service exist listing Lloyds panel conveyancers in Northampton on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings available online. Where you are seeking to appoint a Northampton conveyancing practitioner on the Lloyds please make the most of our facility.
I am currently in the process of buying my council flat in Northampton. I have a mortgage agreed with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
I'm buying my first flat in Northampton with a loan from Halifax. The sellers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about the deal as it would put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 flat up to £305k and found one close by in Northampton I like with open areas and railway links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Northampton for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Northampton. I happened to stumble upon a site which appears to be the perfect answer If it is possible to get all the legals done via email that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?