It has come to my attention via my broker that my Bampton property lawyer is not on the lender Conveyancing panel. What can I do to check?
You need to contact your Bampton conveyancer. It is reasonable to expect your lawyer to advise you what has happened. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
I own a freehold premises in Bampton but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Bampton and has limited impact for conveyancing in Bampton 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new 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 post 2037 is to be extinguished.
My aunt passed away last year and as sole heir and executor I was left the property in Bampton. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
Given you plan to refinance then Coventry BS will require that you use a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
I'm purchasing my first flat in Bampton with a loan from Halifax. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my conveyancer about this side-deal as it could adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 close by in Bampton I like with amenity areas and railway links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Bampton for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Back In 2003, I bought a leasehold flat in Bampton. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Bampton who previously acted has long since retired. Any advice?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Bampton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a leasehold flat in Bampton, conveyancing having been completed August 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Bampton with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2095
With only 69 years left to run the likely cost is going to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.