I own a freehold residence in Angel yet pay rent, why is this and what is this?
It is rare for properties in Angel and has limited impact for conveyancing in Angel 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
We are hoping to buy a newbuild flat in Angel with a residential mortgage from Clydesdale.We use our Angel conveyancing practitioner but Clydesdale informed us she’s not listed on their "panel". It seems we are left with little choice but to instruct a Clydesdale panel solicitor or retain our preferred solicitor and pay for a Clydesdale panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains terms and conditions, one of which will be that conveyancers will be on the Clydesdale approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Clydesdale
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a residence in Angel? or Apparently there is historic law that means some house owners living in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this applicable for conveyancing in Angel?
Unless a previous acquisition of the property took place post 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in Angel to continue to advocate a chancel search and or chancel repair liability insurance.
I am looking for a flat up to £305k and found one close by in Angel I like with open areas and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Angel in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
All being well we will complete the disposal of our £325,000 apartment in Angel in 5 days. The landlords agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Angel?
Angel conveyancing on leasehold apartments normally requires the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are entitled to levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have given up negotiating a lease extension in Angel. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the price payable.
An example of a Freehold Enfranchisement case for a Angel residence is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The number of years remaining on the existing lease(s) was 98 years.
What is the average legal costs for conveyancing in Angel?
The average cost in 2014 for conveyancing in Angel was £1,395 excluding Land Tax and Land Registry charges.