I own a freehold premises in New Eltham but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in New Eltham and has limited impact for conveyancing in New Eltham 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
we are a couple who are hoping to buy a 3 bedroom flat in New Eltham with a homeloan from HSBC Bank.We have a New Eltham conveyancing solicitor but HSBC Bank says his firm is not listed on their "panel". We have to appoint a HSBC Bank panel solicitor or retain our preferred solicitor and fork out for a HSBC Bank panel lawyer to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan issued to you contains terms and conditions, a common one being that conveyancers must be on the HSBC Bank solicitor panel. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for HSBC Bank
We had selected solicitors based in New Eltham on the Skipton solicitor panel. They have just billed me a further charge for handling the Skipton mortgage. Is this an additional conveyancing fee specified by Skipton?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your lawyer may charge a fee for this. The charge is not dictated by Skipton but by your New Eltham solicitor. Some firms on the Skipton panel will quote ’dealing with mortgage’ fee and others do not.
I am buying a property in New Eltham. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
Given that your lender is Nationwide your lawyer must follow the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and lawyers are required to report to Nationwide where a lease does not meet these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to New Eltham.
The mortgage over my property is with Aldermore for my property in New Eltham. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel firm.
How does conveyancing in New Eltham differ for newly converted properties?
Most buyers of new build premises in New Eltham come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in New Eltham tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in New Eltham or who has acted in the same development.
As co-executor for the will of my father I am selling a residence in Cardiff but live in New Eltham. My conveyancer (based 250 miles from mehas requested that I execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing lawyer in New Eltham who can witness and place their company stamp on the document?
strictly speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are New Eltham based
We expect to complete the sale of our £425,000 garden flat in New Eltham in 10 days. The freeholder has quoted £324 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in New Eltham?
New Eltham conveyancing on leasehold maisonettes normally requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be willing to do so. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to sell the property.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in New Eltham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to arrive at the price payable.
An example of a Lease Extension decision for a New Eltham premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.