I purchased a freehold premises in Cowes yet charged rent, why is this and what is this?
It’s unusual for properties in Cowes and has limited impact for conveyancing in Cowes 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 post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
When it comes to mortgage companies such as HSBC, do Cowes conveyancing practitioners have to pay a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Last month we had a mortgage agreed in principle with Lloyds. Cowes conveyancing lawyers have been chosen. How long does it take for Lloyds to issue the offer to the solicitor?
Some lenders take longer than others. Have Lloyds done the valuation? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I'm spending time viewing flats in Cowes and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Aldermore.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are seeking a mortgage with Aldermore, make sure you remember to check that your lawyer is on the Aldermore conveyancing panel.
I have todayfound out that Wolstenholmes have closed. They carried out my conveyancing in Cowes for a purchase of a leasehold flat 9 months ago. How can I check that my home is in my name in the name of the previous owner?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cowes conveyancing specialists.
How does conveyancing in Cowes differ for new build properties?
Most buyers of new build or newly converted property in Cowes contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Cowes usually acquire the land, 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 conveyancing solicitors 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 Cowes or who has acted in the same development.
My a decade ago. He has got married, divorced and is now remarried. He will be selling the flat in a few weeks. I believe he will just be need to supply copies of the marriage certificates to the property lawyer however he is worried it could delay the home sale. Is it worth updating the title documents for the house?
You are not required to bring up to date the title for the property as long as you have the evidence required to demonstrate how the name change occurred.
The buyer’s solicitor should examine the land registry entries and requisition evidence to establish the name change e.g. marriage documentation.