I own a freehold premises in Preston Park but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Preston Park and has limited impact for conveyancing in Preston Park 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I am the only recipient of my late mum's estate and I have everything in my name alone, including the house in Preston Park. The Preston Park property was put into my name in September. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the property in September. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view mortgage companies take of it, depend on the bank as this clause primarily exists to pick up on the purchase and immediately sell or the quick reselling of property.
Completion of my purchase has taken place for my property in Preston Park. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Our offer on a semi in Preston Park has been accepted, but there is a chain. The sellers have offered on somewhere, but it’s not yet agreed to, and are looking at other apartments booked. I have instructed a local conveyancing solicitor in Preston Park. What should be my next step? When should I get the mortgage application with Skipton started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then survey, Preston Park conveyancing search fees, etc). The first course of action is to ensure that your solicitor is on the Skipton conveyancing panel. Regarding the next stages this very much depends on the specifics of your case, attraction to the property and on the state of the market. During a buoyant market the majority of purchasers would apply for the mortgage with Skipton and pay for the valuation and only if it comes back ok would they ask their conveyancer to press on with searches.
My partner and I are planning on selling our property in Preston Park and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using an internet conveyancing firm as opposed to a conveyancing solicitor in Preston Park. We have lived in Preston Park for 5 years we know of no issue. Should we get in touch with our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
My wife and I own a semi-detached Victorian house in Preston Park. Conveyancing solicitor acted for me and Barclays . I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Preston Park and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing practitioner who conducted the purchase.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Preston Park is the location of the property. Is there any guidance you can impart?
Flying freeholds in Preston Park are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Preston Park you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Preston Park 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 property.