I own a freehold premises in Dronfield but nevertheless charged rent, why is this and what is this?
It is rare for properties in Dronfield and has limited impact for conveyancing in Dronfield 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 establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I have been recommended a conveyancing solicitor in Dronfield. I I would like to check whether they are on the Leeds Building Society conveyancing panel. Could you assist?
The first thing to do is e-mail the conveyancer and ask them if they can act for the bank. Alternatively please get in touch with Leeds Building Society who may be able to help.
I have been told by my solicitor that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Dronfield conveyancing?
The appropriate level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Barclays and Skipton Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
is it true that all Dronfield solicitor firms on the Coventry BS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Coventry BS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I am selling my flat. I had a double glazing fitted in June 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Co-operative are being a right pain. The Dronfield solicitor who is on the Co-operative conveyancing panel is saying indemnity insurance will be fine 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.
Are there restrictive covenants that are commonly identified as part of conveyancing in Dronfield?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Dronfield. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm refinancing my primary property to a buy to let loan with National Westminster Bank and I will use the rest of the raised equity towards another house. The area we are interested in is Dronfield. Will your conveyancers be able to act for the two mortgage companies and tie in the transactions?
Do use our comparison tool on this page to ensure that the lawyers are approved by both mortgage companies. Assuming that they are your solicitor will be able to tie up the two deals but you should talk with you solicitor and make clear your expectations and needs.
I've recently bought a leasehold property in Dronfield. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a 2 bed flat in Dronfield, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Dronfield with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease terminates on 21st October 2082
With just 56 years left to run the likely cost is going to be between £29,500 and £34,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.