I own a freehold house in Horbury but still charged rent, why is this and what is this?
It’s unusual for properties in Horbury and has limited impact for conveyancing in Horbury 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 creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I happen to be the single beneficiary of my late mum's estate with all property in now in my sole name, including the house in Horbury. The Horbury property was put into my name in November. I want to move. I do know about the CML 6 month 'rule', which means that my property ownership could be regarded the same way as though I had purchased the house in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view lenders take of it, depend on the lender as this clause is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Horbury solicitor on the Barclays panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
Our sealed bid on a house in Horbury has been accepted, but there is a chain. The vendors have put an offer on somewhere, however it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have selected a high street conveyancing solicitor in Horbury. What do I do now? At what stage should I apply for the mortgage with Leeds Building Society?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx £1k, then valuation, Horbury conveyancing search fees, etc). The first thing to do is check that your conveyancing practitioner is on the Leeds Building Society approved list. Regarding the next stages this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a rising market the majority of buyers would apply for a home loan with Leeds Building Society and pay for the valuation and only if it was satisfactory would they request their conveyancing practitioner to move forward with the conveyancing in Horbury.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Horbury?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Horbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Horbury is where the house is located. Can you shed any light on this issue?
Flying freeholds in Horbury are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Horbury you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Horbury may ascertain 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.
I would be grateful if you would explain what my options are where my Horbury conveyancing searches reveals detrimental results?
Normally, almost all problems arising from Horbury conveyancing search responses can be addressed in advance of completion or title insurance may be put in place. You need to note that regardless of the fact that you are buying the premises and may be content to accept the search results, your building society or bank may not, and ultimately have the final decision.