Unfortunately I am unable to travel far from Great Baddow. Is there a reason why all Great Baddow conveyancers aren't automatically on all mortgage company panels?
Mortgage Companies ordinarily impose restrictions on either the nature or volume of conveyancing solicitors on their approved list of lawyers. Typical examples of such criteria being that a practice is required to have at least two partners. In addition to restricting the type of firm, some banks such as HSBC decided to restrict the number of conveyancers they allow to represent them. It is worth noting that banks have no accountability for the standard of advice provided by any Great Baddow property lawyer on their approved list. Property fraud was a key driver in the culling of conveyancing panels a few years ago notwithstanding that there are conflicting thoughts about whether solicitors sat at the center of that fraud. Data from HMLR exposes that thousands of law organisations only conduct one or two conveyances annually. Those advocating conveyancing panel consolidation question why conveyancing firms should have the right to remain on a conveyancing panel when it is evident that conveyancing is not their primary expertise?
I purchased a freehold premises in Great Baddow but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Great Baddow and has limited impact for conveyancing in Great Baddow 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
3 months have gone by following my purchase conveyancing in Great Baddow completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a house in Great Baddow prior to retaining solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks will refuse to issue a loan on such a property.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Great Baddow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Great Baddow to see if the conveyancing costs will increase in light of this.
We own a leasehold flat in Great Baddow. Conveyancing was completed in 2011. I have been told that I should not let the lease length get too short. What is the reasoning?
Great Baddow domestic long term leases are for a fixed term - normally ninety nine years when they commenced. However a significant flats in Great Baddow were built or converted 30 or more years ago and so these leases now have under eighty years unexpired. This may seem like plenty of time however Banks, Building Societies and other mortgage institutions on the whole require leases to have a minimum of seventy five years left to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To increase your property value you should be considering whether or not to extend your lease well in advance of selling the property. Please note that there are advantages to taking action before the lease hits 80 years as when the lease falls below eighty years the amount to be paid to extend starts to escalate.