I am the registered owner of a freehold house in Bridport but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Bridport and has limited impact for conveyancing in Bridport 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
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 extinguished.
What happens if my solicitor is removed from the Clydesdale Solicitor panel ahead of completing my conveyancing in Bridport?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Bridport?
There are many recorded licenced Conveyancers in Bridport and Solicitor partnerships in Bridport to choose from It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. They may both also conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
A friend pointed out to me me that in buying a property in Bridport there could be a number of restrictions prohibiting external alterations to the property. Is this right?
There are a number of properties in Bridport which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Bridport should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not work out if my bank requires a lease extension. I have called into my local Bridport building society branch on various occasions and was told they are content with the situation and they would lend. My Bridport conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancer has to follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Bridport is the location of the property. Can you shed any light on this issue?
Flying freeholds in Bridport 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 Bridport you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bridport 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 property.
I am expecting to complete buying a property in Bridport but as a consequence of wreckage from the recent storms I have agreed compensation from the owner of five thousand pounds in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process yet the mortgage company will not permit this. Should they have been approached?
Your conveyancing practitioner listed on the mortgage company approved list is duty bound to advise the mortgage company of any changes to the purchase price. In the event that you were to refuse your conveyancing practitioner to disclose the reduction to your bank then they would have to refrain from representing you and the mortgage company.