I own a freehold premises in Branston yet charged rent, why is this and what is this?
It is rare for properties in Branston and has limited impact for conveyancing in Branston 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 creation 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 after 2037 is to be extinguished.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel lawyer as I would prefer to instruct a Branston based conveyancing firm?
You should check but the chances are that allocate you one of their panel solicitors if you accept the "fee-free" incentive. Call the bank and ask if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Branston.
I'm the only recipient of my late grandmother’s will with all property in now in my sole name, including the house in Branston. The Branston property was put into my name in January. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the property in January. Is the property unsalable for six months?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How practical a view lenders take of it, depend on the mortgage company as this clause primarily exists to pick up on the purchase and immediately sell or the quick reselling of property.
Two weeks ago we had a mortgage agreed in principle with TSB. Branston conveyancing lawyers have been appointed. How long does it take for TSB to forward the offer to the conveyancer?
Some lenders take longer than others. Have TSB conducted the valuation? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Our sealed bid on a detached house in Branston has been agreed to, the vendors do nevertheless have an associated purchase. The vendors have placed an offer on a property, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have selected a local conveyancing solicitor in Branston. What should be my next step? At what stage should I apply for the mortgage with UBS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of £1k, then valuation, Branston conveyancing search fees, etc). The first thing to do is check that your conveyancing practitioner is on the UBS approved list. As to the subsequent phase this very much dictated by the uniqueness of your case, motivation for this property and on the state of the market. During a hot market many purchasers would apply for the mortgage with UBS and arrange for the valuation and only if it comes back ok would they ask their solicitor to move forward with searches.
We are purchasing a property and the conveyancer has identified Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. He has suggested insurance. Is this really required for conveyancing in Branston
Unless a previous purchase of the property completed after 12 October 2013 you may expect solicitors delivering conveyancing in Branston to remain recommending a chancel search and or insurance against a claim.
Due to the guidance of my in-laws I had a survey completed on a house in Branston in advance of appointing solicitors. I have been advised that there is a flying freehold element to the property. The surveyor has said that some mortgage companies may not issue a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Branston. Conveyancing will be smoother if you use a solicitor in Branston especially if they are familiar with such properties in Branston.
Completion is due on the sale of our £200,000 garden flat in Branston next Thursday. The management company has quoted £312 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Branston?
For most leasehold sales in Branston conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Branston
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Branston Leasehold Conveyancing - A selection of Questions you should ask before buying
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Where a Branston lease has less than eighty years it will have adverse implications on the marketability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will be be obliged to have owned the property for 24 months in order to be eligible to extend the lease. It is important to be aware if a new roof is being put on or some other significant cost is due in the near future to be shared by the leasehold owners and may well materially impact the level of the maintenance charges or result in a one time invoice. On the whole the cost for major works tend not to be included within maintenance charges, although there some managing agents in Branston require leaseholders to pay into a reserve fund created for the specific purpose of building a fund for major works.