I am acquiring a new build duplex in Stroud and my conveyancer is informing me that she has to the lender to reveal incentives from the seller. I am under pressure to sign contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold premises in Stroud but still pay rent, why is this and what is this?
It’s unusual for properties in Stroud and has limited impact for conveyancing in Stroud 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 new rentcharges post 1977.
Previous 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 extinguished.
I have been recommended a conveyancing solicitor in Stroud. I I would like to check whether they are accepted on the Barnsley Building Society approved list of lawyers. Could you assist?
The first thing to do is phone your conveyancer and enquire whether they are on the lender panel. Alternatively you should call Barnsley Building Society who may be able to assist.
I am intent on selling our house in Stroud and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Stroud lawyer would know that there is no such problem. It does beg the question why the purchasers are using an online conveyancing outfit as opposed to a conveyancing solicitor in Stroud. Having lived in Stroud for three years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I have been on the look out for a flat up to £245,000 and found one round the corner in Stroud I like with a park and railway links in the vicinity, however it only has 61 years on the lease. There is not much else in Stroud for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Why do Stroud conveyancing fees are more expensive for leasehold and freehold properties?
Leasehold conveyancing in Stroud more often than not will involve additional due diligence such as investigating the lease, liaising with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.