I purchased a freehold property in Aldgate but still charged rent, why is this and what is this?
It is rare for properties in Aldgate and has limited impact for conveyancing in Aldgate 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 new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Having invested time researching online forums for a recommended solicitor in Aldgate, most advise that I must instruct a CQS accredited lawyer. Can you explain what CQS is?
Aldgate Conveyancing Quality Scheme solicitors have been granted certification under the Law Society's Scheme (CQS) The Law Society established CQS to promote high standards in the home legal process. CQS helps home movers to identify solicitor firms who provide a quality residential conveyancing. Aldgate is one of the many areas in England and Wales in which CQS are based. The scheme obliges solicitors to undergo a strict assessment, compulsory training, self-certification, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
I have justfound out that Stirling Law have been shut down. They carried out my conveyancing in Aldgate for a purchase of a freehold house 10 months ago. How can I check that my home is in my name in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Aldgate conveyancing specialists.
How does conveyancing in Aldgate differ for new build properties?
Most buyers of new build residence in Aldgate come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because builders in Aldgate typically purchase the real estate, 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 accustomed to new build conveyancing in Aldgate or who has acted in the same development.
When it comes to my conveyancing in Aldgate should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Aldgate conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.