I own a freehold premises in Clacton On Sea yet pay rent, why is this and what is this?

It is rare for properties in Clacton On Sea and has limited impact for conveyancing in Clacton On Sea 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 creation of new rentcharges from 1977 onwards.

Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.

My husband and I wish to acquire a purpose built apartment in Clacton On Sea with a loan from Santander.We like our Clacton On Sea conveyancing practitioner but Santander advised that he's not on their approved list of firms. We have to appoint a Santander panel firm or keep our preferred solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?

No, not really. The home loan offered to you is subject to its terms and conditions, a common one being that lawyers must be on the Santander solicitor panel. in the past, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Santander

How does conveyancing in Clacton On Sea differ for newly converted properties?

Most buyers of new build residence in Clacton On Sea contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Clacton On Sea usually buy the real estate, 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 conveyancers 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 Clacton On Sea or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Clacton On Sea is the location of the property. What do you suggest?

Flying freeholds in Clacton On Sea are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Clacton On Sea you would need to get your solicitor to go 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 Clacton On Sea may decide 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.

What type of premises does your Clacton On Sea conveyancing quotes apply to?

The quotes provided are only applicable to standard residential property in England & Wales. Where you have any different needs such as industrial or agricultural property or commercial conveyancing in Clacton On Sea please contact us to discuss this further .