I own a freehold premises in Gedling but still charged rent, why is this and what is this?
It’s unusual for properties in Gedling and has limited impact for conveyancing in Gedling 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Are all Gedling Conveyancing Quality Solicitors on the Coventry BS conveyancing list of approved practices?
It is true that some banks and building societies now utilise CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
Is it the case that all Gedling conveyancing solicitors on the Leeds Building Society conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel and in such a situation the practice would be governed by the Council of Licensed Conveyancers.
I have a mortgage with TSB for my property in Gedling. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
Your original mortgage agreement with TSB will provide that you need their approval in advance of letting out your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel lawyer.
Should my lawyer be raising questions about flooding as part of the conveyancing in Gedling.
Flooding is a growing risk for lawyers carrying out conveyancing in Gedling. Plenty of people will acquire a house in Gedling, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or by their conveyancers which will figure out the risks in Gedling. The standard completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to find out whether the premises has suffered from flooding. In the event that the premises has been flooded in past and is not disclosed by the owner, then a buyer could issue a compensation claim resulting from an inaccurate reply. The purchaser’s lawyers may also order an enviro search. This will indicate if there is any known flood risk. If so, additional investigations should be conducted.
It has been five months since my purchase conveyancing in Gedling completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing a new build house in Gedling with a mortgage from Virgin Money. The builders refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not inform my conveyancer about this deal as it could affect my loan 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 only have 62 years unexpired on my lease in Gedling. I need to extend my lease but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. In some cases a specialist should be helpful to conduct investigations and to produce a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Gedling.
I purchased a split level flat in Gedling, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Gedling with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2103
With 78 years unexpired the likely cost is going to be between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.