I own a freehold residence in Stamford but still invoiced for rent, why is this and what is this?
It is rare for properties in Stamford and has limited impact for conveyancing in Stamford 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 from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Stamford with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
My uncle advised me that in purchasing a property in Stamford there may be various restrictions prohibiting external alterations to the property. Is this right?
There are a number of properties in Stamford which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Stamford should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have decided to exercise my right to buy my property in Stamford off the council. I have a mortgage offer with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
Nottingham have agreed my mortgage in principle, my bid on a flat in Stamford has been accepted, what happens next?
Your estate agent will need to be advised as to your property lawyer's details (ensure that the lawyers are on the lender’s approved list). Call up Nottingham or your financial adviser and complete any outstanding paperwork. Nottingham will appoint a valuer who will get in contact with the estate agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. Nottingham will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Stamford.
How does conveyancing in Stamford differ for new build properties?
Most buyers of new build property in Stamford contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in Stamford typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stamford or who has acted in the same development.
Should I appoint a Stamford conveyancing practitioner who is local to the property I am buying? We have a good friend who can execute the conveyancing but his firm is located over three hundred miles drive away.
The primary upside of using a local Stamford conveyancing firm is that you can attend the office to sign paperwork, present your ID and pester them where appropriate. Having local Stamford know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were happy that must surpass using an unfamiliar Stamford conveyancing lawyer just because they are Stamford based.