I purchased a freehold house in Leagrave and Chalton yet invoiced for rent, why is this and what is this?
It is rare for properties in Leagrave and Chalton and has limited impact for conveyancing in Leagrave and Chalton 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 creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
What happens if my solicitor is suspended from the HSBC Solicitor panel ahead of completing my conveyancing in Leagrave and Chalton?
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 at a cost.
I am helping my aunt sell her property in Leagrave and Chalton. Does the solicitor arrange an energy performance certificate or do I organise this?
After the demise of Home Packs, EPC’s was retained a compulsory element of moving house. An energy assessment needs to be commissioned before the property is advertised. This is not a task that lawyers normally organise. Where you are using a Leagrave and Chalton conveyancing solicitor they may be willing to arrange energy performance certificates given their contacts with reputable local providers
Can you point me to a directory of Nottingham panel conveyancers in Leagrave and Chalton on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings visible online. If you are in need of a Leagrave and Chalton lawyer on the Nottingham please use our facility.
I have a mortgage with Nottingham for my property in Leagrave and Chalton. Conveyancing has been completed a year 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 Nottingham?
Nottingham must be informed of your intention before letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel solicitor.
I am buying a new build flat in Leagrave and Chalton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Leagrave and Chalton
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Please confirm the Lease plans are architect prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the guidance of my in-laws I had a survey completed on a house in Leagrave and Chalton prior to retaining lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies may refuse to issue a loan on this type of home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Leagrave and Chalton. Conveyancing will be smoother if you use a solicitor in Leagrave and Chalton especially if they are acquainted with such properties in Leagrave and Chalton.
I am in need of some leasehold conveyancing in Leagrave and Chalton. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Leagrave and Chalton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a 1st floor flat in Leagrave and Chalton, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Leagrave and Chalton with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2102
With just 78 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. 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 considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.