I am the registered owner of a freehold residence in Oakdale but still charged rent, why is this and what is this?
It is rare for properties in Oakdale and has limited impact for conveyancing in Oakdale 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My Solicitor in Oakdale has never been on on the Norwich and Peterborough Building Society Approved Panel. Can I still use my prefered solicitor notwithstanding that they are not on the Norwich and Peterborough Building Society list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your existing Oakdale lawyers but Norwich and Peterborough Building Society will need to instruct a conveyancer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees as well as cause delays.
- Choose an alternative lawyer to to deal with the conveyancing, remembering to check they are on the Norwich and Peterborough Building Society panel
We are getting a further advance on our mortgage from Nationwide as we want to carry out a loft conversion to our house in Oakdale. Are we obliged to select a high street Oakdale solicitor on the Nationwide conveyancing panel to deal with the paperwork?
Nationwide do not ordinarily appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide panel.
I have paid off my mortgage with Skipton. I assume I don't need a Oakdale solicitor on the Skipton panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
The mortgage over my property is with Leeds Building Society for my property in Oakdale. Conveyancing has been completed some time ago. If I am intending 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 Leeds Building Society?
Leeds Building Society must be informed of your intention prior to letting out your property as this is likely to be a breach of Leeds Building Society’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 Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel solicitor.
I'm purchasing my first flat in Oakdale with the aid of help to buy. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not inform my lawyer about this side-deal as it would affect my mortgage with the bank. Should I keep quiet?.
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.
I've recently bought a leasehold flat in Oakdale. Do I have any liability for service charges for periods before my ownership?
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).
I inherited a garden flat in Oakdale, conveyancing formalities finalised in 2007. Can you work out an approximate cost of a lease extension? Corresponding flats in Oakdale with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2075
With 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
Can a conveyancer remove a name from the title of my home in Oakdale ?
Subtracting or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer