I purchased a freehold residence in Horncastle but still charged rent, why is this and what is this?
It’s unusual for properties in Horncastle and has limited impact for conveyancing in Horncastle 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 date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a house in Horncastle?
Unless a prior acquisition of the premises took place post 12 October 2013 you could assume that conveyancing practitioners delivering conveyancing in Horncastle to continue to recommend a chancel search and or chancel repair liability policy.
I have todayfound out that Arc property Solicitors have been shut down. They conducted my conveyancing in Horncastle for a purchase of a leasehold flat 18 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest way to check if the property is registered to you, you can carry out 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 Horncastle conveyancing specialists.
How does conveyancing in Horncastle differ for newly converted properties?
Most buyers of new build property in Horncastle come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because developers in Horncastle tend to purchase the site, 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 Horncastle or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Horncastle before appointing solicitors. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders may not grant a loan on such a home.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Horncastle. Conveyancing will be smoother if you use a solicitor in Horncastle especially if they are accustomed to such properties in Horncastle.