I purchased a freehold property in Banbury but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Banbury and has limited impact for conveyancing in Banbury 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Do the Building Society Association intend to launch a online directory to to identify practices on the Coventry BS conveyancing panel for example in Banbury?
We have not been informed any plans on the part of the BSA to develop such a register.
A relative informed me that in buying a property in Banbury there could be a number of restrictions as to what one can do in terms of external changes to the property. Is this right?
We are aware of anumerous of properties in Banbury which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Banbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am buying a property in Banbury. A rare aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is UBS your lawyer must comply with the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for UBS. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to UBS where a lease fails to meet these requirements. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Banbury.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Co-operative are being problematic. The Banbury solicitor who is on the Co-operative conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
The deeds to my home can not be found. The lawyers who handled the conveyancing in Banbury 5 years ago no longer exist. What do I do?
These day there are duplicates made of almost everything, and your lawyer will be aware precisely where to look for all the relevant documentation so you can buy or dispose of your house without a hitch. If duplicates can’t be found, your solicitor may be able to put in place insurance or indemnities protecting you against possible claims on your property.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Banbury I like with open areas and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Banbury in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Given that I will soon part with 450k on a property in Banbury I wish to have a conversation with the solicitor about myconveyancing in advance of appointing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer due to be doing your property ownership legalities in Banbury.There is no ‘factory style conveyancing’ - each client is unique individual, not a file reference. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Banbury should be the amount on the final invoice that you are charged.