I own a freehold property in Wareham yet invoiced for rent, why is this and what is this?
It is rare for properties in Wareham and has limited impact for conveyancing in Wareham 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 in 2037 is to be dispensed with completely.
My Conveyancer in Wareham has never been on on the Platform Home Loans Ltd Solicitor Panel. Can I still continue with my family solicitor notwithstanding that they are excluded from the Platform Home Loans Ltd approved list?
The limited options available to you here include:
- Carry on with your preferred Wareham solicitors but Platform Home Loans Ltd will need to retain a lawyer on their panel. This will result in additional overall legal charges and result in delays.
- Choose an alternative lawyer to to deal with the purchase, not forgetting to check they are on the Platform Home Loans Ltd panel
We previously appointed solicitors locally in Wareham on the Principality solicitor panel. They are now charging me an additional charge for handling the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer may charge a fee for this. This fee is not set by Principality but by your Wareham conveyancer. Numerous firms on the Principality panel will levy ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
The formalities of my remortgage has taken place for my property in Wareham. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I was told two weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Wareham is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have justbecome aware that Wolstenholmes have closed. They carried out my conveyancing in Wareham for a purchase of a leasehold flat 10 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Wareham conveyancing specialists.
I decided to have a survey carried out on a property in Wareham in advance of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies will not grant a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can look into this further 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 Wareham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wareham to see if the conveyancing costs will increase in light of this.
I work for a reputable estate agent office in Wareham where we have witnessed a number of flat sales derailed due to short leases. I have been given contradictory information from local Wareham conveyancing solicitors. Could you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a leasehold flat in Wareham, conveyancing was carried out in 2001. Can you work out an approximate cost of a lease extension? Corresponding flats in Wareham with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2104
You have 78 years remaining on your lease we estimate the price of your lease extension to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.