My Filey conveyancer has uncovered a discrepancy between the information in the valuation survey and what is revealed within the title deeds. My solicitor informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am the registered owner of a freehold premises in Filey yet pay rent, why is this and what is this?
It is rare for properties in Filey and has limited impact for conveyancing in Filey 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
My wife and I have a renovated Georgian property in Filey. Conveyancing solicitor represented me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Filey and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing solicitor who conducted the conveyancing.
How does conveyancing in Filey differ for newly converted properties?
Most buyers of new build residence in Filey come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Filey typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Filey or who has acted in the same development.
I need to instruct a conveyancing solicitor in Filey for my sale. Is there any facility to see a solicitor's complaints history with the profession’s regulator?
Anyone may review presented Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The regulator could monitor telephone calls for training purposes.
I have recently realised that I have 72 years remaining on my flat in Filey. I am keen to get lease extension but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the freeholder. For most situations an enquiry agent would be helpful to conduct investigations and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court covering Filey.
I inherited a ground floor flat in Filey, conveyancing was carried out in 2010. How much will my lease extension cost? Corresponding flats in Filey with an extended lease are worth £197,000. The ground rent is £55 per annum. The lease ceases on 21st October 2074
With just 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.