I purchased a freehold property in Mildenhall yet pay rent, why is this and what is this?
It’s unusual for properties in Mildenhall and has limited impact for conveyancing in Mildenhall 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 creation 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 is to be dispensed with completely.
Is it the case that all Mildenhall conveyancing solicitors on the Yorkshire BS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
My wife and I have organised the release of further funds on our mortgage from Nationwide as we want to conduct alterations to our house in Mildenhall. Do we need to choose a high street Mildenhall solicitor on the Nationwide conveyancing panel to handle the paperwork?
Nationwide would not normally appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide panel.
I was told four weeks ago that my mortgage has been agreed to by Lloyds. Is it usual for Lloyds to only issue the offer once my solicitor in Mildenhall is approved on their conveyancing panel? Lloyds have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
Do I need to take out insurance to cover chancel repairs when purchasing a property in Mildenhall?
Unless a prior purchase of the premises completed post 12 October 2013 you could expect lawyers handling conveyancing in Mildenhall to remain recommending a chancel search and or insurance against a claim.
I am purchasing a new build house in Mildenhall benefiting from help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not inform my conveyancer about the side-deal as it will adversely affect my loan with the lender. 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.
I was pointed in your direction by numerous selling agents in Mildenhall to get a quote from a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to offer your site ahead of another?
We refuse to offer any financial incentive for directing people in our direction. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.