I am the registered owner of a freehold house in Billingham but still charged rent, why is this and what is this?
It’s unusual for properties in Billingham and has limited impact for conveyancing in Billingham 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 generation of new rentcharges post 1977.
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 dispensed with completely.
Please help - my lawyer says that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Billingham?
The appropriate level of missing deeds indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Barnsley Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
We have agreed to purchase a house in Billingham. An unusual aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Bank of Ireland your lawyer must comply with the conveyancing requirements outlined in Section two of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Bank of Ireland where a lease does not satisfy these requirements. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Billingham.
At last I have had an offer on a maisonette in Billingham agreed to, but there is a chain. The owners have offered on on an apartment, however it’s not been accepted yet, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Billingham. What do I do now? When do I get the mortgage application with RBS going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then survey, Billingham conveyancing search fees, etc). First, you must check that your conveyancing practitioner is on the RBS approved list. Regarding the next phase this very much dictated by the specifics of your case, motivation for the property and on the state of the market. In a buoyant market the majority of home buyers would apply for a home loan with RBS and arrange for the valuation and only if it was satisfactory would they request their conveyancer to proceed with searches.
I'm purchasing my first flat in Billingham with a loan from Barnsley Building Society. The developers would not reduce the price so I negotiated 6k of extras instead. The estate agent advised me not to tell my solicitor about the deal as it would jeopardize my mortgage with the lender. Should I keep quiet?.
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.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Billingham is where the house is located. Can you offer any advice?
Flying freeholds in Billingham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Billingham you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Billingham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Given that I will soon spend over three hundred thousand on a property in Billingham I wish to talk to a conveyancer concerning thehouse move prior to giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you speaking to the solicitor due to be conducting your property ownership legalities in Billingham.There is no ‘factory style conveyancing’ - every client is an important individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Billingham should be the amount on the final invoice that you end up paying.
Can you provide any top tips for leasehold conveyancing in Billingham with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Billingham can be avoided if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers’ solicitors. Many freeholders or Management Companies in Billingham levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Billingham. If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming formality and frustrates many a Billingham conveyancing deal. If a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible. You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Billingham leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer first.
I inherited a garden flat in Billingham, conveyancing formalities finalised 7 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Billingham with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2106
With 80 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.