I am getting a mortgage offer from Nat West. I hope to instruct a Licensed Conveyancer in Water Orton. Does the Nat West Solicitor panel include conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I purchased a freehold premises in Water Orton yet pay rent, why is this and what is this?
It is rare for properties in Water Orton and has limited impact for conveyancing in Water Orton 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Me and my brother purchased a 4 bedroom Edwardian property in Water Orton. Conveyancing practitioner represented me and Santander. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the exact same address. Is it worth asking Santander to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Water Orton and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing solicitor who carried out the work.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Water Orton is where the house is located. Is there any advice you can give?
Flying freeholds in Water Orton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Water Orton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Water Orton may determine 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 property.
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I work for a long established estate agent office in Water Orton where we see a number of flat sales put at risk due to short leases. I have been given contradictory information from local Water Orton conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Water Orton Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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Please note if it is no more than 80 years it will have adverse implications on the value of the apartment. Check with your bank that they are content with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will need to own the residence for 24 months in order to be legally able to extend the lease. Is anyone aware of any major works in the near future that will likely add a premium to the maintenance costs? Who is in charge of the block?