I am the registered owner of a freehold house in Tilehurst yet charged rent, why is this and what is this?
It’s unusual for properties in Tilehurst and has limited impact for conveyancing in Tilehurst 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 extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My aunt pointed out to me me that in purchasing a property in Tilehurst there could be a number of restrictions limiting what one can do in terms of external changes to a property. Is this right?
There are a number of properties in Tilehurst which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Tilehurst should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Does a directory service exist listing Lloyds panel conveyancers in Tilehurst on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. A small selection of banks make their panel listings visible on the web. Where you are seeking to appoint a Tilehurst solicitor on the Lloyds please make the most of our facility.
I have decided to exercise my right to buy my property in Tilehurst off the council. I have a mortgage agreed with RBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Tilehurst?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Tilehurst. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Tilehurst differ for newly converted properties?
Most buyers of new build residence in Tilehurst come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Tilehurst typically buy 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 Tilehurst or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Tilehurst is where the house is located. Is there any advice you can impart?
Flying freeholds in Tilehurst are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tilehurst you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tilehurst may decide 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 property.
We have been informed by numerous estate agents that it should take 6-8 weeks for Tilehurst conveyancing to complete.This was 3 ago. The paperwork was only forwarded to my lawyer a few days ago so does the time start running now?
You need to be pragmatic concerning timelines. Property transactions in Tilehurst takes on average about ten weeks. This time period is not because lawyer are slow and purposely delay matters. The amount of money involved in purchasing any residence is so high, the buyer’s conveyancing practitioner having to carry out a wide range of queries, searches and other checks to protect the purchaser and their lender (if there is to be a home loan) from expensive, avoidable problems. These checks involves seeking information from a range of different parties, including other property lawyer, local councils, private companies, mortgage companies. Many of these are well organised. Others are not. And remember, it doesn't matter how quickly your solicitor do their part, if the people you are purchasing from or are selling to aren't ready, nothing can go ahead until they are up to speed.