We were about to instruct a conveyancing solicitor in Tottenham endorsed using your search tool but stumbled across alternative quotes on the internet look less expensive – why is this?
There are numerous solicitors marketing what appear to be very low prices. We would encourage you to think long and hard about how much you respect your own move to you are willing to be penny wise pound foolish concerning the standard of the conveyancing. Many of them list a bargain quote to catch your eye but plant extra fees in the fine print..
I purchased a freehold residence in Tottenham but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Tottenham and has limited impact for conveyancing in Tottenham 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 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 in 2037 is to be extinguished.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Tottenham. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/10/2024, the requirements read as follows :
Will our conveyancer be asking questions about flooding during the conveyancing in Tottenham.
Flooding is a growing risk for conveyancers carrying out conveyancing in Tottenham. Plenty of people will acquire a house in Tottenham, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a various checks that may be initiated by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Tottenham. The conventional set of information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to find out if the premises has ever been flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a buyer may bring a claim for damages as a result of such an inaccurate answer. A purchaser’s conveyancers will also order an enviro search. This will indicate if there is any known flood risk. If so, additional inquiries will need to be initiated.
I'm buying my first flat in Tottenham with the aid of help to buy. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not reveal to my solicitor about the deal as it may jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Tottenham is the location of the property. What do you suggest?
Flying freeholds in Tottenham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tottenham you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tottenham 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 property.