I purchased a freehold residence in Bude but nevertheless pay rent, why is this and what is this?
It is rare for properties in Bude and has limited impact for conveyancing in Bude 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 establishment 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 post 2037 will be dispensed with completely.
I am purchasing a property and need a conveyancing solicitor in Bude who is on the Coventry Building Society approved. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Coventry Building Society in certain locations such as Bude. We dont recommend any particular firm.
When it comes to lenders such as TSB, do Bude conveyancers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Principality. I assume I don't need a Bude solicitor on the Principality panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I have a mortgage with Yorkshire BS for my property in Bude. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention in advance of letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will permit you to let 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel firm.
We are buying a property and the solicitor has identified Chancel Repair for which the property may be obligated to contribute to as it falls into the area of such a church. She has recommended insurance. Is this really appropriate for conveyancing in Bude
Unless a previous acquisition of the premises completed after 12 October 2013 you can take it that lawyers conducting conveyancing in Bude to continue to suggest a chancel search and or chancel repair liability insurance.
How does conveyancing in Bude differ for newly converted properties?
Most buyers of new build residence in Bude come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Bude typically buy 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 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 used to new build conveyancing in Bude or who has acted in the same development.