I am not in a position to travel far from Petts Wood. I would like to know the understand why all Petts Wood solicitors are not on all mortgage company panels?
As unjust as it may appear for mortgage companies to restrict who can act for them, from the public’s or conveyancer’s viewpoint, the other side of the coin is that lending institutions are increasingly anxious and regard it imperative to shield themselves against mortgage fraud. As a result of this concern banks are limiting their conveyancing panel to a size that they are happy to control.
I own a freehold residence in Petts Wood yet charged rent, why is this and what is this?
It’s unusual for properties in Petts Wood and has limited impact for conveyancing in Petts Wood 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 establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Should my lawyer be making enquiries concerning flooding during the conveyancing in Petts Wood.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Petts Wood. There are those who buy a house in Petts Wood, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a number of searches that can be initiated by the purchaser or by their lawyers which should figure out the risks in Petts Wood. The conventional set of property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to determine whether the property has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a purchaser may commence a compensation claim as a result of such an misleading response. The buyer’s lawyers should also commission an environmental report. This should disclose if there is a recorded flood risk. If so, more detailed investigations should be initiated.
Despite weeks of looking the Title Certificate and documents to our property are lost. The conveyancers who did the conveyancing in Petts Wood 10 years ago no longer exist. Will I be able to sell the house?
You no longer need to hold title deeds to establish that you are the owner of your registered land or premises, as the Land Registry hold details of all registered land or property electronically.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Petts Wood is where the house is located. What do you suggest?
Flying freeholds in Petts Wood are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Petts Wood you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Petts Wood may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am purchasing a house with all finances in place. I have provided solicitor with two distinct proof of photo identification, bank statement, numerous utility bills. Now he needs a copy from a probate lawyer advising that the money is in order and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Petts Wood conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering laws.