I am the registered owner of a freehold premises in Slough but nevertheless pay rent, why is this and what is this?
It is rare for properties in Slough and has limited impact for conveyancing in Slough 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 creation 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 after 2037 will be dispensed with completely.
What is the difference between a licensed conveyancer and conveyancing solicitor in Slough
There are many recorded licenced Conveyancers in Slough and Solicitor firms in Slough who can help with your conveyancing It is important to make clear that the two are regulated professionals specialising in the legal work in transferring property. The two can handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We are getting the release of further monies on our home loan from Lloyds as we intend to carry out renovations to our property in Slough. Are we obliged to select a nearby Slough solicitor on the Lloyds conveyancing panel to deal with the legals?
Lloyds do not ordinarily instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds panel.
Intending to buy a apartment in Slough. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Slough conveyancing practitioner is on the TSB conveyancing panel.
I'm purchasing my first flat in Slough benefiting from help to buy. The sellers refused to reduce the price so I negotiated 6k of extras instead. The sale representative suggested that I not reveal to my solicitor about the extras as it could put at risk my mortgage with Leeds Building Society. 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.
Do I need to be suspicious by 3rd parties that I am dealing with are recommending an internet conveyancing firm rather than a local Slough conveyancing practice?
As is the case with lots of service providers, often suggestions from connections can be worth their weight in gold. But there are numerous players in a conveyancing transaction; estate agents, financial adviser and lenders might all recommend solicitors to select. On occasion these conveyancers might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the discretion to appoint your own conveyancer. However, bear in mind that some lenders operate an approved list of lawyers you are obliged to use for the mortgage related work in your conveyancing.
What advice can you give us when it comes to appointing a Slough conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Slough conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Slough conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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What are the legal fees for lease extension work? How many lease extensions has the firm completed in Slough in the last 12 months?
Slough Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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Does the lease have onerous restrictions? The answer will be important as a) areas could cause problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will need to have complete disclosure Make sure you investigate if there is anything that is prohibited in the lease. For example it is very common in Slough leases that pets are not allowed in in a block in Slough. If you love the propertyin Slough but your cat can’t live with you then you will be faced hard decision.
My sealed bid on property in Slough was agreed to, the vendor does however have a tied purchase. The current proprietors have offered on a flat, but it’s not yet tied up, and are looking at other flats booked. I have instructed a local conveyancing lawyer in Slough. What should be my next step? At what stage should I apply for the mortgage with Clydesdale?
It is standard to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then valuation, Slough conveyancing search costs, etc). The first course of action is to check that your property lawyer is on the Clydesdale approved list. As to the subsequent stages this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. In a rising market some home buyers will apply for a home loan with Clydesdale and arrange for the survey and only if it comes back ok would they pay their conveyancer to move forward with searches.