I purchased a freehold premises in Belgravia but still charged rent, why is this and what is this?
It’s unusual for properties in Belgravia and has limited impact for conveyancing in Belgravia 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am currently in the process of buying my council flat in Belgravia. I have a mortgage agreed with TSB. 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 have 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 TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
The mortgage over my property is with Lloyds for my property in Belgravia. 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 buy-to-let mortgage or inform Lloyds?
You must advise Lloyds prior to letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel solicitor.
I am selling my house. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Co-operative are being pedantic. The Belgravia solicitor who is on the Co-operative conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Co-operative are requiring a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Due to the input of my in-laws I had a survey completed on a property in Belgravia prior to retaining lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks will refuse to grant a loan on this type of property.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you contact us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Belgravia. Conveyancing will be smoother if you use a solicitor in Belgravia especially if they regularly deal with such properties in Belgravia.
I have been pointed in your direction by a couple of local property agents in Belgravia to find a solicitor on your site. What’s the financial incentive for Estate Agents to market your services over and above another?
We don’t give any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My brother has recommend that I use his conveyancers in Belgravia. Do I follow his recommendation?
No doubt the best way to find a conveyancing solicitor is to have recommendations from friends or relatives who have experience in using the conveyancer you're considering.