I purchased a freehold residence in Newbury but still charged rent, why is this and what is this?
It’s unusual for properties in Newbury and has limited impact for conveyancing in Newbury 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 new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Will commercial conveyancing searches reveal proposed roadworks that may affect a commercial property in Newbury?
Its becoming the norm that commercial conveyancing solicitors in Newbury will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Newbury. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Newbury.
For each commercial conveyancing transaction in Newbury it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Newbury commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Newbury.
Due to the encouragement of my in-laws I had a survey completed on a property in Newbury before retaining lawyers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some mortgage companies may refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. If you contact us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Newbury. Conveyancing will be smoother if you use a solicitor in Newbury especially if they are acquainted with such properties in Newbury.
Am I right to be concerned about estate agents that I am dealing with are recommending an internet conveyancing firm rather than a High Street Newbury conveyancing firm?
As is the case with many service providers, often input from connections can be very helpful. Yet there are numerous players in a conveyancing matter; estate agents, financial adviser and banks may recommend solicitors to use. Sometimes the lawyers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You are at liberty to appoint your preferred lawyer. You need to be aware that some banks specify a panel list of lawyers you have to use for the mortgage aspect of your house move.
What is the reason for my solicitor requiring a list of items of identification ahead of starting selling or purchasing a property in Newbury?
Newbury solicitors are obliged by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML Regulations to certify that the have verified the identity of their clients. It is also sometimes a requirement of your lender if you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and date of birth.