I own a freehold residence in Osterley but nevertheless pay rent, why is this and what is this?
It is rare for properties in Osterley and has limited impact for conveyancing in Osterley 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 lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
The Osterley conveyancing solicitors that just started acting on my purchase in Osterley have suddenly shut down. I only went with them because I had to have a firm on the Lloyds conveyancing panel and my family Osterley lawyer was not. I sent them a cheque for £250 in advance. What are my options?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
It has been four months since my purchase conveyancing in Osterley took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Osterley benefiting from help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not disclose to my lawyer about this side-deal as it could jeopardize my loan with the bank. Is this normal?.
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.
I opted to have a survey done on a property in Osterley prior to instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some banks tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different instructions from Halifax. If you contact us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Osterley. Conveyancing will be smoother if you use a solicitor in Osterley especially if they are accustomed to such properties in Osterley.
For various reasons I cannot travel my Osterley conveyancing lawyers office to sign documents for conveyancing in Osterley – is this a problem?
No. Osterley conveyancing solicitors can handle conveyancing transactions for clients nationally. You are unlikely to be required to be present a Osterley conveyancers office. Almost all lawyer can deal with all communications via post, email, telephone and fax.