I own a freehold residence in East Finchley but still invoiced for rent, why is this and what is this?
It is rare for properties in East Finchley and has limited impact for conveyancing in East Finchley 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 post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Is it the case that all East Finchley CQS (Conveyancing Quality Scheme) solicitors are on the TSB conveyancing panel?
A selection of lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
When it comes to lenders such as Bank of Ireland, do East Finchley solicitors have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We are getting a further advance on our mortgage from Co-operative as we want to conduct renovations to our home in East Finchley. Are we obliged to appoint a high street East Finchley solicitor on the Co-operative conveyancing panel to deal with the paperwork?
Co-operative do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative conveyancing panel.
Will my conveyancer be asking questions regarding flooding as part of the conveyancing in East Finchley.
The risk of flooding is if increasing concern for conveyancers dealing with homes in East Finchley. Some people will purchase a property in East Finchley, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a various searches that may be initiated by the buyer or on a buyer’s behalf which will figure out the risks in East Finchley. The conventional set of information sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out if the property has ever been flooded. If flooding has previously occurred which is not disclosed by the seller, then a purchaser could issue a compensation claim as a result of such an incorrect answer. The purchaser’s conveyancers may also commission an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
Despite weeks of looking the Title Certificate and documents to our home are lost. The solicitors who conducted the conveyancing in East Finchley 10 years ago are no longer around. What do I do?
You no longer need to hold title original deeds to establish that you own the land or premises, as the Land Registry hold details of all registered land or property electronically.
Due to the guidance of my in-laws I had a survey completed on a house in East Finchley ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders will refuse to give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in East Finchley. Conveyancing may be slightly more expensive based on your lender's requirements.