I am the registered owner of a freehold property in Alnwick but still pay rent, why is this and what is this?
It’s unusual for properties in Alnwick and has limited impact for conveyancing in Alnwick 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 fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I am helping my mother sell her flat in Alnwick. Will the conveyancer order the energy performance certificate or should I organise this?
After the demise of Home Information Packs, energy performance certificates was kept a required component of selling a property. An energy assessment should be to hand prior to the property being marketed. It is not as aspect of the sale process that conveyancers ordinarily organise. Where you are using a Alnwick conveyancing solicitor they may help arrange energy assessments due to their contacts with long established local energy assessors
A colleague informed me that in purchasing a property in Alnwick there may be various restrictions as to what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Alnwick which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Alnwick should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We previously instructed conveyancers based in Alnwick on the Coventry BS solicitor panel. They are now charging me a separate fee for handling the Coventry BS mortgage. Is this an additional conveyancing fee set by Coventry BS?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your conveyancer is entitled to charge a fee for this. This charge is not dictated by Coventry BS but by your Alnwick conveyancing practitioner. Plenty of firms on the Coventry BS panel will quote an ‘acting for lender’ fee but some practices include it on their overall fee.
I'm buying a new build house in Alnwick with a loan from Coventry Building Society. The sellers refused to budge the price so I negotiated £7000 of additionals instead. The house builders rep told me not inform my conveyancer about the extras as it will jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Alnwick I like with open areas and station in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Alnwick in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
Looking forward to complete next month on a basement flat in Alnwick. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Alnwick should include some of the following:
What you can do if a neighbour is in violation of a provision in their lease? Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Repair and maintenance of the property Does the lease require carpeting throughout thus preventing wood flooring?
I bought a studio flat in Alnwick, conveyancing having been completed 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Alnwick with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2099
You have 75 years unexpired the likely cost is going to range between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
Are all Alnwick conveyancers on every lender conveyancing panel?
You can use our search tool or you can pop into your local bank branch in Alnwick. the probability is that they will be in a position to list some reputable conveyancing solicitors in Alnwick