I am the registered owner of a freehold house in North Somerset but nevertheless charged rent, why is this and what is this?
It is rare for properties in North Somerset and has limited impact for conveyancing in North Somerset 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 extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I am purchasing a semi-detached house in North Somerset. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in North Somerset you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in North Somerset.
is it true that all North Somerset solicitor practices on the Coventry BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do list licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a North Somerset property lawyer on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money 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 Virgin Money mortgage from the register. Virgin Money, 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 Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Intending to buy a flat in North Somerset. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the North Somerset property lawyer is on the Lloyds conveyancing panel.
Various web forums that I have come across warn that are a common cause of delay in North Somerset conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in North Somerset.
I own a 4 bedroom Edwardian house in North Somerset. Conveyancing practitioner acted for me and Barclays . I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North Somerset and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in North Somerset differ for newly converted properties?
Most buyers of new build residence in North Somerset come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in North Somerset usually buy 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 property lawyers 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 North Somerset or who has acted in the same development.