I am the registered owner of a freehold residence in Saltash but nevertheless charged rent, why is this and what is this?
It is rare for properties in Saltash and has limited impact for conveyancing in Saltash 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 generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I am in the process of refinancing my apartment in Saltash, does my lawyer have to be on the Santander Conveyancing panel?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander 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 conveyancing matter.
Me and my partner are buying a property in Saltash. It might be a silly question but how we can trust a lawyer? On the day of competition we will need to put funds 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.
I have decided to exercise my right to buy my property in Saltash off the council. I have a mortgage agreed with Yorkshire BS. 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 Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
Coventry BS have agreed my mortgage in principle, my bid on a flat in Saltash has been accepted, what are the next steps?
Your estate agent will need to be informed of your solicitor's details (ensure that the conveyancing practitioners are on the lender’s panel). Telephone Coventry BS or your financial adviser and finish off any appropriate documentation. Coventry BS will appoint a valuer who will get in touch with the selling agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Coventry BS will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Saltash.
I am purchasing a new build house in Saltash with a loan from Virgin Money. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about the extras as it may impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Expecting to exchange soon on a studio apartment in Saltash. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Saltash should include some of the following:
-
Changes to the premises What the implications are if you breach a clause of your lease? It needs to be made clear to you if the lease allows you to add or improve aspects of the premises- you should know whether any restrictions relates to all alterations or just structural alteration, and whether permission is required You should receive a copy of the lease
I bought a garden flat in Saltash, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Saltash with over 90 years remaining are worth £186,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2078
With only 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
Why do I have to provide my solicitor with a list of items of identification ahead of starting selling or purchasing a property in Saltash?
Saltash lawyers are required by the Law Society, SRA, HM Land Registry and current AML Regulations to certify that the have checked the identity of their clients. It will also be a condition of your bank if you are obtaining a mortgage. In addition 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.