I am the registered owner of a freehold residence in Broughton In Furness but nevertheless pay rent, why is this and what is this?
It is rare for properties in Broughton In Furness and has limited impact for conveyancing in Broughton In Furness 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 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 after 2037 is to be dispensed with completely.
The Broughton In Furness conveyancing lawyers that I recently instructed on my house acquisition in Broughton In Furness have suddenly shut down. They were on acting for me because I needed a solicitor on the Lloyds conveyancing panel and my family Broughton In Furness lawyer was not. I paid them 275 plus VAT in advance. What should be my next steps?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Can you point me to a directory of Virgin Money panel solicitors in Broughton In Furness on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings visible online. Where you are in need of a Broughton In Furness property lawyer on the Virgin Money please use our facility.
is it true that all Broughton In Furness conveyancing solicitors on the Co-operative conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Co-operative approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do allow licenced conveyancers on their panel and in that case the organisation would be governed by the Council of Licensed Conveyancers.
My offer was accepted on a house in Broughton In Furness on 22/11/2024, valuation was booked 2 days after, all came back fine. Solicitor appointed, 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 a mortgage 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.
My relative advised me that where I am purchasing in Broughton In Furness I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Broughton In Furness conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Broughton In Furness around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Broughton In Furness Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Broughton In Furness.
I have been on the look out for a ground for flat up to £245,000 and identified one round the corner in Broughton In Furness I like with a park and transport links nearby, however it's only got 61 years on the lease. There is not much else in Broughton In Furness for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years will be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.