I purchased a freehold property in Whitland but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Whitland and has limited impact for conveyancing in Whitland 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
When it comes to lenders such as TSB, do Whitland lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I am expecting a OIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Whitland solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Whitland solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I had an offer accepted on a house in Whitland on 15/6/2021, valuation was booked 2 days after, all came back fine. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Skipton and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Skipton conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will my solicitor be asking questions concerning flooding as part of the conveyancing in Whitland.
Flooding is a growing risk for solicitors dealing with homes in Whitland. Some people will acquire a house in Whitland, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or by their lawyers which can figure out the risks in Whitland. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine whether the property has suffered from flooding. If the residence has been flooded in past and is not notified by the owner, then a buyer may issue a legal claim for losses as a result of such an inaccurate reply. A buyer’s conveyancers will also commission an environmental search. This will disclose whether there is any known flood risk. If so, further investigations will need to be made.
I'm purchasing my first flat in Whitland with a mortgage from Coventry Building Society. The developers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about this deal as it could impact my mortgage with Coventry Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 decided to have a survey done on a property in Whitland before instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some lenders tend refuse to grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Whitland. Conveyancing may be slightly more expensive based on your lender's requirements.