I purchased a freehold house in Hereford but still pay rent, why is this and what is this?
It is rare for properties in Hereford and has limited impact for conveyancing in Hereford 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 new 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 in 2037 is to be extinguished.
Various web forums that I have visited warn that are a common cause of delay in Hereford conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Hereford.
I'm purchasing my first flat in Hereford with a loan from Barnsley Building Society. The developers would not reduce the price so I negotiated £7000 of extras instead. The property agent told me not inform my solicitor about the deal as it may put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Hereford before instructing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks may refuse to issue a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hereford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hereford to see if the conveyancing will be more expensive.
My mum and dad are having difficulties in finding their Hereford land registry title on the website. They recall that back in the 60’s when they purchased the bungalow there were complications regarding Hereford not being recognised in some systems.
The vast majority of residences in Hereford should appear. Have you attempted a search to simply the postcode. Ordinarily it should reveal all the premises inside that postcode. Assuming the property is recorded it will show up with a title number. If they bought sixty years ago it's conceivable it may be unregistered. The property could still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title deeds which could be with your parent’s lender.