I own a freehold house in Stotfold but still pay rent, why is this and what is this?
It’s unusual for properties in Stotfold and has limited impact for conveyancing in Stotfold 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 fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I have been advised by my solicitor that lack of planning permission insurance is needed on my purchase. What is the level of cover for Stotfold conveyancing?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such insurances.
Can I be sure that the Stotfold conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Stotfold getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer carrying out your transaction.
Co-operative have agreed my home loan in principle, my bid on a property in Stotfold has been accepted, what are the next steps?
The property agent will need to be informed of your conveyancing practitioner's details (make sure the solicitors are on the bank’s approved list). Contact Co-operative or the broker and finalise any appropriate forms. Co-operative will instruct a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes on average a week to receive the mortgage offer. Co-operative will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Stotfold.
How does conveyancing in Stotfold differ for newly converted properties?
Most buyers of new build premises in Stotfold come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Stotfold usually acquire 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 conveyancing solicitors 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 used to new build conveyancing in Stotfold or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Stotfold is the location of the property. Can you offer any advice?
Flying freeholds in Stotfold are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stotfold you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stotfold may determine 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.
How easy is it to transfer to a new conveyancer as I need to choose one who is on the TSB conveyancing list. I instructed a high street conveyancing solicitor in Stotfold round the corner but the firm is not accepted by TSB
It would be our pleasure to assist you find a conveyancing solicitor in Stotfold on the TSB panel. Please note that the law firms that we list do not pay us a referral fee if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in Stotfold. In making use of the find a conveyancing solicitor tool on this site, you can compare costs for conveyancing solicitors in Stotfold and beyond.
Can you offer any advice when it comes to appointing a Stotfold conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Stotfold conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Stotfold conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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If they are not ALEP accredited then why not? How many lease extensions have they conducted in Stotfold in the last 12 months?
Stotfold Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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Are any of leasehold owners in arrears of their service charge liability? Can you tell me if there are any major works in the near future that could increase the service charges? What is the name of the managing agents?