I am the registered owner of a freehold residence in Falconwood but still charged rent, why is this and what is this?
It’s unusual for properties in Falconwood and has limited impact for conveyancing in Falconwood 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
We wanted to use a property lawyer in Falconwood for our home move. Our broker informed us that our mortgage company TSB won't deal with them. Why is this not regarded as unfair competition?
A decade ago most banks had a different appetite for risk. Almost all Falconwood conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Falconwood conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Falconwood is one of the many areas where the solicitors showing on our search results are are authorised to act for TSB.
What will a local search tell me concerning the property I am buying in Falconwood?
Falconwood conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Onsearch The local search plays a central part in many a Falconwood conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
How does conveyancing in Falconwood differ for new build properties?
Most buyers of new build property in Falconwood come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Falconwood typically buy 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 conveyancing solicitors 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 Falconwood or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, no chain conveyancing. Falconwood is where the house is located. Can you offer any opinion?
Flying freeholds in Falconwood are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Falconwood you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Falconwood may determine 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 premises.