I purchased a freehold premises in Plymouth but nevertheless charged rent, why is this and what is this?
It is rare for properties in Plymouth and has limited impact for conveyancing in Plymouth 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 establishment of new rentcharges from 1977 onwards.
Previous 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 extinguished.
Our mortgage company has suggested solicitors on their panel based in Plymouth but I would rather instruct a conveyancing lawyer in Plymouth or nearer to where I live. Can you assist?
It is by no means the case that all Plymouth conveyancing practitioners are on all lender’s conveyancing panel. Use the above find an approved solicitor tool to identify a Plymouth conveyancing firm on the on the mortgage company panel.
We had chosen conveyancing lawyers located in Plymouth on the Co-operative solicitor approved list. They are now charging me a separate amount for handling the Co-operative mortgage. Is this an additional conveyancing fee set by Co-operative?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your lawyer may levy a fee for this. This fee is not dictated by Co-operative but by your Plymouth lawyer. Plenty of firms on the Co-operative panel will quote an ‘acting for lender’ fee and others do not.
My husband and I have organised the release of further monies on our mortgage from Nottingham as we want to conduct a loft conversion to our property in Plymouth. Do we need to appoint a high street Plymouth solicitor on the Nottingham conveyancing panel to handle the legals?
Nottingham would not normally require a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Plymouth building society branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Plymouth conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their specific requirements. I have no idea who is right.
Your property lawyer has to comply with the CML Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Are there restrictive covenants that are commonly identified as part of conveyancing in Plymouth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Plymouth. 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…’
How does conveyancing in Plymouth differ for new build properties?
Most buyers of new build property in Plymouth contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Plymouth 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 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 used to new build conveyancing in Plymouth or who has acted in the same development.