I am the registered owner of a freehold property in Cottesmore but nevertheless pay rent, why is this and what is this?
It is rare for properties in Cottesmore and has limited impact for conveyancing in Cottesmore 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am considering applying for a Clydesdale mortgage for purchase of a newly converted (under development) in Cottesmore with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
There is nothing to stop you using your solicitor, but Clydesdale will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am close to exchanging contracts on the sale of our home in Cottesmore and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A high street Cottesmore conveyancer would know this is not the case. For the life of me I don't know why the purchasers instructed a nationwide conveyancing firm as opposed to a conveyancing solicitor in Cottesmore. We have lived in Cottesmore for 5 years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am purchasing a new build house in Cottesmore with a mortgage from Alliance & Leicester . The sellers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my conveyancer about this deal as it will affect my loan with Alliance & Leicester . Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking into buying my first house which is in Cottesmore and I am already nervous. I couldn't find anything specific about Cottesmore. Conveyancing will be needed in due course but do you know about the Cottesmore area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Cottesmore. In the meantime here are some basic statistics that we found