Our Ryde lawyer has spotted an inconsistency between the assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I own a freehold residence in Ryde but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Ryde and has limited impact for conveyancing in Ryde 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
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 dispensed with completely.
When it comes to mortgage companies such as Principality, do Ryde conveyancers incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
We previously instructed conveyancers based in Ryde on the TSB solicitor panel. They are now charging me a separate charge for the legal aspects of the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your solicitor can charge a fee for this. The fee is not dictated by TSB but by your Ryde solicitor. Plenty of firms on the TSB panel will charge an ‘acting for lender’ fee but some practices include it on their overall fee.
The mortgage over my property is with Nottingham for my property in Ryde. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval prior to letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel solicitor.
What does a local search reveal concerning the house my wife and I purchasing in Ryde?
Ryde conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search plays an important part in most Ryde conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should provide information on, amongst other things, details on planning applications applicable to the property (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 thirteen subject areas.
I am looking for a leasehold apartment up to £245,000 and found one near me in Ryde I like with a park and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Ryde suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.