I own a freehold premises in Northwick Park but still charged rent, why is this and what is this?
It’s unusual for properties in Northwick Park and has limited impact for conveyancing in Northwick Park 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would prefer to use a high street conveyancing solicitor in Northwick Park?
Do check but the chances are that give you one of their panel conveyancers should you take up the "fee-free" incentive. Speak to the bank to explore if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Northwick Park.
Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a ground floor flat in Northwick Park. Do I collect the keys to the house on the completion date from my lawyer? If this is the case, I will find a High Street conveyancing solicitor in Northwick Park?
On the day of completion you do not need to go to the conveyancers office in Northwick Park. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you should be invited to pick up the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
When it comes to mortgage companies such as Aldermore, do Northwick Park conveyancing practitioners have to pay a fee to be on the conveyancing panel?
We are not aware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I am due to exchange contracts on my flat. I had a double glazing fitted in April 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Skipton are being a right pain. The Northwick Park solicitor who is on the Skipton conveyancing panel is recommending indemnity insurance as a solution but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Northwick Park differ for newly converted properties?
Most buyers of new build property in Northwick Park approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because developers in Northwick Park typically acquire the site, 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 used to new build conveyancing in Northwick Park or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Northwick Park is where the house is located. Can you offer any opinion?
Flying freeholds in Northwick Park are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Northwick Park you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Northwick Park may decide 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.