I own a freehold property in Primrose Hill but still pay rent, why is this and what is this?
It is rare for properties in Primrose Hill and has limited impact for conveyancing in Primrose Hill 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
What happens if my lawyer’s firm is expelled from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Primrose Hill?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I are buying a apartment in Primrose Hill. I might seem paranoid but how we can trust a lawyer? At some point we have to put money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously selected solicitors located in Primrose Hill on the Aldermore solicitor panel. They have just billed me a further charge for the legal aspects of the Aldermore mortgage. Is this a supplemental conveyancing fee specified by Aldermore?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your solicitor may charge a fee for this. This fee is not dictated by Aldermore but by your Primrose Hill conveyancing practitioner. Some firms on the Aldermore panel will levy an ‘acting for lender’ fee but many practices include it on their overall fee.
Skipton have agreed my home loan in principle, my offer on a house in Primrose Hill has been accepted, what are the next steps?
Your property agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s panel). Contact Skipton or the financial adviser and finish off any appropriate forms. Skipton will instruct a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Skipton will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Primrose Hill.
I decided to have a survey completed on a house in Primrose Hill ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders will not issue a loan on this type of house.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Primrose Hill. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Primrose Hill to see if the conveyancing will be more expensive.
Our solicitor in Primrose Hill has uncovered a a problem with the lease for the property we are purchasing in Primrose Hill. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Primrose Hill conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements have to be complied with by the lender conveyancing panel who has to balance acting for you and the lender