I own a freehold property in Hinton St George yet charged rent, why is this and what is this?
It is rare for properties in Hinton St George and has limited impact for conveyancing in Hinton St George 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.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
What happens if my solicitor is suspended from the RBS Conveyancing panel ahead of completing my conveyancing in Hinton St George?
The first thing to point out is that, this is a very rare occurrence. 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 for a fee.
Last month we had a mortgage agreed in principle with UBS. Hinton St George conveyancing lawyers are instructed. How long does it take for UBS to send the offer to the lawyer?
Some lenders take longer than others. Have UBS completed the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I currently have a mortgage with HSBC for my property in Hinton St George. Conveyancing was finalised months ago. If I am intending 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 HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC 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 HSBC directly. You need not do this via a HSBC conveyancing panel solicitor.
After much negotiation I have agreed a price on a house in Hinton St George. My financial adviser recommended their conveyancers. I paid an advanced payment of £175. A few days later, the property lawyer called me embarrassingly acknowledging that they were not on the Kent Reliance 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 Kent Reliance 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.
Due to the guidance of my in-laws I had a survey completed on a house in Hinton St George before instructing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies will refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hinton St George. Conveyancing will be smoother if you use a solicitor in Hinton St George especially if they are accustomed to such properties in Hinton St George.
How simple is it to use the search facility to get a quote from a conveyancing practitioner in Hinton St George on the panel for my lender?
Step one is to choose a bank such as Birmingham Midshires, Coventry Building Society or Britannia then specify your preferred area for example Hinton St George. Conveyancing practices in Hinton St George and nationally should be shown.
Can you offer any advice when it comes to choosing a Hinton St George conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Hinton St George conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Hinton St George conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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Can they put you in touch with clients in Hinton St George who can give a testimonial?
I am the registered owner of a studio flat in Hinton St George, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Hinton St George with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2080
With only 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.