I have just been advised by my estate agent that my Trentham solicitor is not on the mortgage company Solicitor panel. How can I check?
The first thing you need to do is to contact your Trentham lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
I purchased a freehold property in Trentham yet charged rent, why is this and what is this?
It is rare for properties in Trentham and has limited impact for conveyancing in Trentham 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 generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
About to place a bid on a leasehold apartment in Trentham. The selling agents say that it is normal for flats in Trentham to have less than 75 years left on the lease. I am taking out a loan with Accord Mortgages. Is this going to be acceptable if the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/7/2019 the requirements read as follows :
I'm buying my first flat in Trentham with a loan from Bank of Ireland. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not to tell my solicitor about this side-deal as it will jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a quick, chain free conveyancing. Trentham is the location of the property. What do you suggest?
Flying freeholds in Trentham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Trentham you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Trentham 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.