I own a freehold property in Great Yarmouth yet charged rent, why is this and what is this?
It’s unusual for properties in Great Yarmouth and has limited impact for conveyancing in Great Yarmouth 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 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 post 2037 is to be dispensed with completely.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the UBS Conveyancing panel ahead of completing my conveyancing in Great Yarmouth?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I'm the sole beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Great Yarmouth. The Great Yarmouth property was put into my name in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the house in October. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many mortgage companies would take a sensible view as this provision principally exists to identify subsales or the wholesaling and assigning of properties.
I recently had an offer agreed on an apartment in Great Yarmouth. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A few days later, the property lawyer contacted me to say that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Coventry BS have agreed my home loan in principle, my bid on a house in Great Yarmouth has been accepted, what happens next?
Your property agent will wish to be informed of your solicitor's details (ensure that the lawyers are on the lender’s approved list). Telephone Coventry BS or your broker and finish off any appropriate paperwork. Coventry BS will sellect a valuer who will get in touch with the estate agent or seller to schedule a time for the valuation to take place. Once conducted (assuming no problems) it takes about a week to get a mortgage offer. Coventry BS will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Great Yarmouth.
We are purchasing a house and the solicitor has raised the issue of Chancel Repair for which the house could be obligated to contribute to given it’s proximity to the area of such a church. He has mentioned insurance. Is this strictly warranted for conveyancing in Great Yarmouth
Unless a prior acquisition of the house completed post 12 October 2013 you can expect solicitors conducting conveyancing in Great Yarmouth to remain encouraging a chancel search and or chancel repair liability policy.
I decided to have a survey completed on a house in Great Yarmouth before instructing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some banks may not issue a loan on such a property.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Great Yarmouth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Great Yarmouth to see if the conveyancing will be more expensive.
Are there frequently found problems that you encounter in leases for Great Yarmouth properties?
Leasehold conveyancing in Great Yarmouth is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I own a ground floor flat in Great Yarmouth, conveyancing having been completed February 2009. Can you work out an approximate cost of a lease extension? Similar properties in Great Yarmouth with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2086
With 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to 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.