I own a freehold residence in Tufnell Park but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Tufnell Park and has limited impact for conveyancing in Tufnell Park 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 from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Tufnell Park. I I am struggling to find out whether they are accepted on the Virgin Money approved list of lawyers. Can you assist?
The first thing to do is phone your solicitor and enquire if they are on the lender panel. Otherwise you should get in touch with Virgin Money who may be able to confirm.
I have been told by my lawyer that absentee landlord insurance is required on my purchase. What is the level of cover for Tufnell Park conveyancing?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Coventry Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
When it comes to lenders such as UBS, do Tufnell Park lawyers face a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
We are getting the release of further monies on our mortgage from Yorkshire BS as we intend to carry out a loft conversion to our home in Tufnell Park. Do we need to choose a bricks and mortar Tufnell Park solicitor on the Yorkshire BS conveyancing panel to deal with the legals?
Yorkshire BS do not ordinarily instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS list.
How does conveyancing in Tufnell Park differ for newly converted properties?
Most buyers of new build residence in Tufnell Park contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Tufnell Park usually 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 conveyancers 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 accustomed to new build conveyancing in Tufnell Park or who has acted in the same development.
What are your top tips when it comes to finding a Tufnell Park conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Tufnell Park conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Tufnell Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
What volume of lease extensions has the firm carried out in Tufnell Park in the last twenty four months?
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Tufnell Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Tufnell Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Tufnell Park premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The unexpired residue of the current lease was 64.77 years.
My husband and I have had DIP from Coventry Building Society who indicated we could borrow up to £300k. At what point do we need to instruct a solicitor for conveyancing? Tufnell Park is where we plan to move to.
It would be wise to appoint a conveyancing practitioner now so that the property lawyer can open the file so they can do their AML checks etc. If and when you wish them to start work they will seek a deposit normally approximately £200. That should normally be once you have the loan offer from the lender and survey report, nevertheless should you wish to expedite matters you can start the ball rolling quicker even though you may be risking some expense.