I am the registered owner of a freehold property in Wargrave but still charged rent, why is this and what is this?
It’s unusual for properties in Wargrave and has limited impact for conveyancing in Wargrave 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 lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Is it the case that all Wargrave solicitors on the Virgin Money conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Wargrave lawyer on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I have a mortgage with Yorkshire BS for my property in Wargrave. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
You must advise Yorkshire BS prior to 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. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Wargrave is where the house is located. Can you offer any opinion?
Flying freeholds in Wargrave are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wargrave you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wargrave may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
In my capacity as executor for the will of my father I am selling a property in Newport but reside in Wargrave. My lawyer (based 200 kilometers from merequires that I sign a stat dec before the transaction finalising. Can you recommend a conveyancing lawyer in Wargrave to attest and place their company stamp on the document?
strictly speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are Wargrave based
Due to exchange soon on a basement flat in Wargrave. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Wargrave should include some of the following:
-
Are you allowed to have a pet in the flat? specifics of the parties to the lease, for example these could be the lessee, superior lessor, freeholder Alterations to the flat An explanation as to the provision as set out in the lease to to contribute towards maintenance costs - in respect of the block, and the more general rights a leaseholder has You should know if the lease permits you to add or improve aspects of the property- you must be made aware as to whether any restrictions applies to all alterations or just structural alteration, and whether permission is required
I bought a 1 bedroom flat in Wargrave, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Wargrave with an extended lease are worth £211,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2091
With only 67 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 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 comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Is it necessary during the course of the conveyancing process to attend the offices of the mortgage company conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Wargrave as it will be easier to pop in to their offices if required.
Most conveyancing panel lawyers for the lender undertake conveyancing via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Wargrave. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.