I purchased a freehold residence in Thames View but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Thames View and has limited impact for conveyancing in Thames View 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
We wanted to use a property lawyer in Thames View for our home move. Our broker informed us that our mortgage lenders Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies normally restrict either the category or the volume of conveyancing firms on their member panel. A common example of such criteria being that a law practice must not be a sole practitioner. As well as restricting the type of firm, some have limited the number of firms they allow to act for them. Be aware that Bank of Scotland have no responsibility for the quality of advice provided by any member of Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there are differing opinions concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Thames View only perform a couple conveyances a year.
Will our lawyer be making enquiries about flooding as part of the conveyancing in Thames View.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Thames View. There are those who acquire a property in Thames View, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a number of searches that may be carried out by the purchaser or by their conveyancers which should give them a better understanding of the risks in Thames View. The conventional set of information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to find out if the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the owner, then a buyer may bring a compensation claim resulting from an incorrect answer. A purchaser’s lawyers may also commission an enviro search. This should disclose if there is any known flood risk. If so, more detailed investigations will need to be conducted.
Me and my brother purchased a 4 bedroom Edwardian house in Thames View. Conveyancing solicitor represented me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Thames View and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing solicitor who completed the work.
I opted to have a survey done on a house in Thames View ahead of appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies will refuse to issue a mortgage on this type of home.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to telephone us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Thames View. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it the case that all Thames View legal practices on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can drop into your local lender branch in Thames View. Chances are that they can recommend conveyancing solicitors in Thames View