I purchased a freehold residence in Morpeth but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Morpeth and has limited impact for conveyancing in Morpeth 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.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would prefer to appoint a Morpeth based conveyancing firm?
Do check but the the probability is that allocate you one of their panel lawyers where you accept the "fee-free" incentive. Contact the mortgage company to determine if they allow a cash alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Morpeth.
When it comes to mortgage companies such as UBS, do Morpeth solicitors have to pay a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
About to purchase house in Morpeth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Morpeth lawyer is on the Skipton conveyancing panel.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Morpeth solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide 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 conveyancing practitioner 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 Morpeth postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Morpeth.
Do I need to pay for insurance to cover chancel repairs when buying a property in Morpeth?
Unless a prior acquisition of the property completed post 12 October 2013 you may take it that solicitors carrying out conveyancing in Morpeth to remain recommending a chancel search and or chancel repair liability policy.
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Morpeth I like with a park and station nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Morpeth for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.