I purchased a freehold premises in Matlock but still charged rent, why is this and what is this?
It is rare for properties in Matlock and has limited impact for conveyancing in Matlock 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Matlock. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Matlock?
On the day of completion you will not be required to attend the conveyancers office in Matlock. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s solicitors, and once they have received this, you will be able to collect the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
Please help - my lawyer says that lack of right of way insurance is necessary on my purchase. What is the level of cover for Matlock conveyancing?
The right level of lack of right of way indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and Leeds Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I had an offer accepted on an apartment in Matlock on 4/5/2022, valuation was booked 4 days later, received a clean bill of health. Solicitor appointed, so all that was missing was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Are Leeds Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will my conveyancer be making enquiries concerning flooding during the conveyancing in Matlock.
Flooding is a growing risk for conveyancers dealing with homes in Matlock. There are those who purchase a house in Matlock, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a various checks that can be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Matlock. The conventional set of property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to determine whether the premises has suffered from flooding. In the event that the property has been flooded in past and is not revealed by the owner, then a purchaser could issue a legal claim for losses as a result of such an inaccurate reply. The buyer’s solicitors will also conduct an environmental search. This will disclose if there is any known flood risk. If so, more detailed inquiries will need to be initiated.
I'm buying my first flat in Matlock with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The house builders rep told me not to tell my conveyancer about the side-deal as it would put at risk my mortgage with National Westminster Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Matlock I like with a park and railway links nearby, however it's only got 52 years on the lease. I can't really find anything else in Matlock for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Back In 2002, I bought a leasehold flat in Matlock. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Matlock who previously acted has now retired. What should I do?
First contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Matlock conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a split level flat in Matlock, conveyancing was carried out in 2010. Can you work out an approximate cost of a lease extension? Equivalent flats in Matlock with an extended lease are worth £202,000. The ground rent is £60 per annum. The lease comes to an end on 21st October 2079
With just 57 years remaining on your lease the likely cost is going to range between £28,500 and £33,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously 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.