I'm in the process of changing my domestic loan to a BTL Virgin Money mortgage. I have been informed by my broker that I require a solicitor as part of the process. I had a chat my previous Merriott conveyancing firm who dealt with the legals when I previously bought the property. The fee calculation e-mailed to me of just over five hundred pounds has shocked me as its a remortgage than a sale or purchase.
The estimate does seem a tad on the high side. If you you were to look around you could get the conveyancing a bit cheaper by as much as £125. On the other hand, providing that you were satisfied with the conveyancing the firm provided you mightcome to rue choosing an an untested conveyancer. Remember to enquire the solicitor can represent Virgin Money. Do use our search tool to get a quote a Merriott conveyancing firm on the Virgin Money approved list of lawyers, which can often include conveyancing solicitors in Merriott.
I own a freehold premises in Merriott but nevertheless charged rent, why is this and what is this?
It is rare for properties in Merriott and has limited impact for conveyancing in Merriott 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
My relative recommended that where I am purchasing in Merriott I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Merriott conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Merriott around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Merriott.
I'm buying my first flat in Merriott benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The estate agent told me not disclose to my solicitor about this side-deal as it will impact my mortgage with the bank. Should I keep quiet?.
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.
I am looking for a flat up to £235,500 and found one close by in Merriott I like with a park and railway links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Merriott suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.