I purchased a freehold residence in Northwood but still pay rent, why is this and what is this?
It is rare for properties in Northwood and has limited impact for conveyancing in Northwood 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 new rentcharges from 1977 onwards.
Old 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.
In looking at consumer advice sites for a recommended lawyer in Northwood, many advise that I should look for a CQS accredited lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's biggest lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. CQS is not a scheme offered by the Council of Licensed Conveyancing. Northwood is one of the many areas in England and Wales where there are CQS solicitors.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a house in Northwood? or Apparently there is a law dating back centuries that means some owners of property residing in a parish church boundary will be compelled to pay for repairs to the chancel within the church. Is this applicable for conveyancing in Northwood?
Unless a prior acquisition of the property took place after 12 October 2013 you can take it that lawyers handling conveyancing in Northwood to remain recommending a chancel search and or chancel repair liability policy.
How does conveyancing in Northwood differ for newly converted properties?
Most buyers of new build residence in Northwood contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Northwood typically purchase the real estate, 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 conveyancers 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 Northwood or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Northwood prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some banks will refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Northwood. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Northwood and I am already nervous. I couldn't find anything specific about Northwood. Conveyancing will be needed in due course but do you know about the Northwood area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Northwood. In the meantime here are some basic statistics that we found