I am the registered owner of a freehold property in Wolverley yet pay rent, why is this and what is this?
It is rare for properties in Wolverley and has limited impact for conveyancing in Wolverley 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 establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would prefer to use a Wolverley based conveyancing firm?
You should check but the chances are that allocate you one of their panel lawyers where you accept the "fee-free" incentive. Call the mortgage company and ask if they allow a cash alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Wolverley.
I happen to be the single recipient of my late mum's estate and I have everything in my name now, including the house in Wolverley. The Wolverley property was put into my name in December. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my property ownership may be treated the same way as though I had purchased the house in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Some mortgage companies would take a pragmatic view as this obligation is primarily there to capture subsales or the flipping of property.
Are all Wolverley Conveyancing Quality Solicitors on the Kent Reliance conveyancing panel?
It is true that some lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Planning on purchasing a apartment in Wolverley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wolverley lawyer is on the Leeds Building Society conveyancing panel.
I am buying a new build apartment in Wolverley. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Wolverley
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Wolverley is the location of the property. Can you shed any light on this issue?
Flying freeholds in Wolverley are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wolverley you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wolverley may ascertain 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 premises.
What tools are available to identify a Wolverley solicitor on the Birmingham Midshires conveyancing panel? I have wheels and am prepared to travel upto 10kilometers to meet the solicitor.
You can use the tool on this page. Please select a mortgage company and your location and you will see a number of Wolverley conveyancing lawyers locally. We have detailed some Wolverley conveyancing firms towards the end of this page and you can call them to verify if they are on the Birmingham Midshires member panel