I own a freehold premises in The Ridgeway but still pay rent, why is this and what is this?
It’s unusual for properties in The Ridgeway and has limited impact for conveyancing in The Ridgeway 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 establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
My property lawyer in The Ridgeway is not on the Platform Home Loans Ltd Approved Panel. Can I still continue with my prefered solicitor notwithstanding that they are excluded from the Platform Home Loans Ltd panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your preferred The Ridgeway solicitors but Platform Home Loans Ltd will need to retain a solicitor on their panel. This will inevitably rack up the total conveyancing fees as well as cause delays.
- Get a new lawyer to to deal with the conveyancing, obviously checking they are Convince your lawyer to do everything within their powers to join the Platform Home Loans Ltd conveyancing panel
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in The Ridgeway?
Two types of professional can do conveyancing in The Ridgeway namely licenced conveyancers or solicitors. Both professionals provide the legal services that you need to complete the sale or purchase of property. They are both obliged to execute The Ridgeway conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally carried out and that all requisite steps should be accurately adhered to.
We have agreed to purchase a house in The Ridgeway. A rare aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Virgin Money your lawyer must comply with the formal requirements outlined in Section two of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease does not meet these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to The Ridgeway.
I have a mortgage with Leeds Building Society for my property in The Ridgeway. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval before letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel lawyer.
Is it necessary to take out insurance to cover chancel repairs when acquiring a property in The Ridgeway?
Unless a previous acquisition of the premises took place after 12 October 2013 you may take it that conveyancing practitioners handling conveyancing in The Ridgeway to continue to propose a a chancel search and or chancel repair liability policy.
Am I right to be suspicious that brokers that I am dealing with are suggesting an online conveyancing firm rather than a local The Ridgeway conveyancing practice?
As is the case with many professional services, often suggestions from connections can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend lawyers to select. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to appoint your own conveyancer. However, bear in mind that the majority of banks specify a panel list of solicitors you are obliged to use for the mortgage related work in your house move.
If instructed can a conveyancer remove someone from the title of my property in The Ridgeway ?
Subtracting or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a solicitor to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a lawyer