My partner and I are hoping to acquire a flat in Sedbergh and have appointed a Sedbergh conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this morning contacted us to advise us that they have now hit a problem as our Sedbergh lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Sedbergh lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am the registered owner of a freehold premises in Sedbergh but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Sedbergh and has limited impact for conveyancing in Sedbergh 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 date back many centuries, but the Rent Charge Act 1977 barred the generation of new 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 post 2037 will be extinguished.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a property in Sedbergh? or Apparently there is a law dating back centuries that means some homeowners living in a parish church boundary will be compelled to contribute towards repairs towards the chancel within the church. Is this appropriate for conveyancing in Sedbergh?
Unless a previous purchase of the premises took place after 12 October 2013 you may take it that conveyancing practitioners delivering conveyancing in Sedbergh to continue to recommend a chancel search and or chancel repair liability policy.
Are there restrictive covenants that are commonly identified as part of conveyancing in Sedbergh?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Sedbergh. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a ground for flat up to £245,000 and found one close by in Sedbergh I like with amenity areas and station in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Sedbergh suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Do you have any top tips for leasehold conveyancing in Sedbergh with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sedbergh can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers’ conveyancers. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Sedbergh state that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. If you fail to have the approvals to hand do not contact the landlord without checking with your lawyer in advance. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. The majority of landlords or Management Companies in Sedbergh levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Sedbergh. A minority of Sedbergh leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
Leasehold Conveyancing in Sedbergh - A selection of Queries Prior to buying
The majority of Sedbergh leasehold flats will have a service charge for maintenance of the building invoiced by the landlord. If you buy the flat you will have to meet this charge, usually in instalments accross the year. This could differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay yearly, normally this is not a significant sum, say around £25-£75 but you should to check it because occasionally it could be surprisingly expensive. Make sure you enquire if the the lease includes any adverse restrictions in the lease. By way of example it is reasonably common in Sedbergh leases that pets are not allowed in certain buildings in Sedbergh. If you love the propertyin Sedbergh yet your cat is not allowed to live with you then you have a very hard decision. You should want to find out as much as you can regarding the managing agents as they can either make living at the property much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the tidiness of the common parts. Ask other tenants whether they are happy with them. In conclusion, find out the dates that the maintenance fees are due to the managing agents and precisely what it includes.