I own a freehold house in Kingsnorth yet charged rent, why is this and what is this?
It’s unusual for properties in Kingsnorth and has limited impact for conveyancing in Kingsnorth 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 from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
A friend informed me that in purchasing a property in Kingsnorth there may be various restrictions preventing external alterations to a property. Is this right?
There are a number of properties in Kingsnorth which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Kingsnorth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have a mortgage with RBS for my property in Kingsnorth. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval in advance of letting out your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. You need not do this via a RBS conveyancing panel firm.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Kingsnorth solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Kingsnorth postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Kingsnorth.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Kingsnorth is where the house is located. Is there any guidance you can give?
Flying freeholds in Kingsnorth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingsnorth you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingsnorth may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am a sole trader planning to lease a unit on the high street. Can you recommend solicitors offering no-sale-no charges for non-domestic conveyancing in Kingsnorth for less than 2k?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Kingsnorth, including the disposal and acquisition of businesses as well as simply property. If you are hoping to acquire or sell a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. As for the costs this will depend on the structure and complexity of the proposed transaction. Please provide us with your contact information or telephone so as to enable us to supply you with a detailed commercial conveyancing calculation.
My offer on detached house in Kingsnorth has been agreed to, but there is a chain. The owners have offered on a property, however it’s not yet tied up, and are looking at other properties in the pipeline. I have selected a nearby conveyancing lawyer in Kingsnorth. What should be my next step? When should I get the mortgage application with Nationwide started with Nationwide?
It is usual to have concerns where there is an associated chain given your reluctance to incur costs too early (mortgage application is approx one thousand pounds, then valuation, Kingsnorth conveyancing search costs, etc). The first course of action is to ensure that your lawyer is on the Nationwide conveyancing panel. Regarding the next phase this very much depends on the specifics of your case, desire for the property and on the state of the market. In a buoyant market some purchasers will apply for a home loan with Nationwide and arrange for the valuation and only if it was satisfactory would they pay their property lawyer to move forward with the conveyancing in Kingsnorth.