I am the registered owner of a freehold house in Looe but still charged rent, why is this and what is this?
It’s unusual for properties in Looe and has limited impact for conveyancing in Looe 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I'm the sole beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Looe. Conveyancing formalities meant that the Land Registry date was in January. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be regarded the same way as if I'd bought the house in January. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Some lenders would take a pragmatic view as this obligation principally exists to identify subsales or the quick reselling of properties.
Are all Looe Conveyancing Quality Solicitors on the Leeds Building Society conveyancing list of approved solicitors?
Some major lenders now use 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. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
When it comes to lenders such as Nottingham, do Looe property lawyers incur an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I require fast conveyancing in Looe as I am under an ultimatum to complete in less than 4 weeks. Fortunately I do not need a mortgage. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not getting a mortgage you are at liberty not to have searches conducted although no law firm would advise that you don't. With lots of history conveyancing in Looe the following are examples of what can be revealed and adversely affect future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
Me and my brother own a terraced Victorian house in Looe. Conveyancing practitioner acted for me and HSBC Bank. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Looe 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 buyers. You can also check the position with your conveyancing lawyer who conducted the conveyancing.
My husband and I are 3 weeks into a leasehold purchase having been directed to a firm by the local agent to handle our conveyancing in Looe. We are not happy. Could you help me find new conveyancers?
A solicitor would have to be very poor to suggest replacing them. Has the loan offer been generated? If so you must inform them of the new solicitor and have the offer are re-issued. The conveyancer should be on the mortgage company panel to avoid added charges and complications. So that should be your first question of the new conveyancers. The search tool should assist you in finding a bank approved solicitor for your conveyancing in Looe
In relation to leasehold conveyancing in Looe what are the most common lease defects?
Leasehold conveyancing in Looe is not unique. Most leases are drafted differently and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain elements of the property
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I bought a split level flat in Looe, conveyancing formalities finalised June 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Looe with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2099
With 74 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.