I am the registered owner of a freehold house in Waterhouses yet charged rent, why is this and what is this?

It’s unusual for properties in Waterhouses and has limited impact for conveyancing in Waterhouses 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.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.

I had intended to instruct a conveyancing solicitor in Waterhouses for our house purchase. Our broker has since advised us that our bank won't deal with them. Why is this not regarded as unduly restrictive?

A decade ago most mortgage companies had an appetite for risk which was higher than today. Almost all Waterhouses conveyancing firms would have been on many bank panels. The FSA in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum number of transactions. Many Waterhouses conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Waterhouses is amongst the numerous areas where the solicitors we list are members of the panel for .

My fiancee and I are spending time looking at houses in Waterhouses and I am about to put in an offer. Is it best to have a on ‘stand by’? I intend to finance via a mortgage with .

It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are obtaining a mortgage with , make sure you remember to check that your lawyer is on the conveyancing panel.

The mortgage over my property is with for my property in Waterhouses. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform ?

You must advise before letting out your property as this is likely to be a breach of ’s mortgage conditions. In many cases banks or building societies 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 directly. You need not do this via a conveyancing panel lawyer.

I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Waterhouses bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Waterhouses conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.

Your must follow the CML Handbook Part 2 provisions 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.

I am looking for a ground for flat up to £235,500 and found one close by in Waterhouses I like with amenity areas and railway links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Waterhouses in this price bracket, so just wondered if I would be making a grave error buying a short lease?

Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.

Myself and my wife have just had an offer accepted on a apartment and had meeting on Friday with Leeds Building Society for the mortgage. They warned me that when it comes to choosing a that if they are not on their approved panel of then we will incur an additional fee of about two hundred pounds. This is because they would then have to appoint a conveyancer to act for them in addition to the one we appoint on our behalf and we are liable for their fees. I have requested Leeds Building Society to provide me with a list so I can request quotes only from their approved conveyancers but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a list online?

You should ask Leeds Building Society what their criteria for panel membership is for a conveyancer.Then ask the of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society historically. If the answer to those is yes, then just double check with Leeds Building Society. Another option is to make use of our search tool and we should be able to identify a in Waterhouses on the panel for Leeds Building Society.