I am the registered owner of a freehold property in Acocks Green yet charged rent, why is this and what is this?
It is rare for properties in Acocks Green and has limited impact for conveyancing in Acocks Green 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 extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
The Acocks Green conveyancing lawyers that I recently instructed on my purchase in Acocks Green have without warning shut down. I only went with them because I had to have a solicitor on the RBS conveyancing panel and my preferred Acocks Green lawyer was not. I sent them a cheque for £250 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
Will my solicitor be raising questions concerning flooding during the conveyancing in Acocks Green.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Acocks Green. There are those who acquire a property in Acocks Green, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various checks that can be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Acocks Green. The conventional set of information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to discover whether the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a purchaser may issue a legal claim for losses stemming from an inaccurate reply. The buyer’s conveyancers will also conduct an enviro search. This should higlight whether there is any known flood risk. If so, more detailed investigations should be carried out.
How does conveyancing in Acocks Green differ for new build properties?
Most buyers of new build residence in Acocks Green come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Acocks Green usually purchase the site, 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 property lawyers 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 accustomed to new build conveyancing in Acocks Green or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Acocks Green prior to retaining conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend refuse to issue a loan on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Acocks Green. Conveyancing will be smoother if you use a solicitor in Acocks Green especially if they are accustomed to such properties in Acocks Green.