I own a freehold property in Nunhead but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Nunhead and has limited impact for conveyancing in Nunhead 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 generation of fresh rentcharges post 1977.
Old 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.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Nunhead lawyer on the Nottingham panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
I currently have a mortgage with Yorkshire BS for my property in Nunhead. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention in advance of renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel lawyer.
I am selling my flat. I had a double glazing fitted in August 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Virgin Money are being a right pain. The Nunhead solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Nunhead differ for new build properties?
Most buyers of new build property in Nunhead approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Nunhead 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 Nunhead or who has acted in the same development.
I opted to have a survey carried out on a property in Nunhead in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies may not give a loan on such a home.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Nunhead. Conveyancing will be smoother if you use a solicitor in Nunhead especially if they are acquainted with such properties in Nunhead.
We're first time buyers - had an offer accepted, but the agent told us that the seller will only go ahead if we appoint the agent's preferred lawyers as they need an ‘expedited deal’. We would rather use a high street solicitor used to conveyancing in Nunhead
We suspect that the owner is not behind this requirement. Should the owner want ‘a quick sale', taking such a hostile approach to a genuine purchaser is is going to put the whole deal at risk. Try to communicate with the owners directly and make the point that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to instruct your preferred Nunhead conveyancing solicitors - not the ones that will earn the negotiator at the agency a referral fee or meet his conveyancing targets demanded by senior management.
Last March I purchased a leasehold property in Nunhead. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Nunhead. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Nunhead conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Nunhead property is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case related to 3 flats. The remaining number of years on the lease was 80.01 years.