I am the registered owner of a freehold residence in Yarm On Tees but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Yarm On Tees and has limited impact for conveyancing in Yarm On Tees 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Our mortgage company has suggested a law firm on their panel based in Yarm On Tees but I would rather use a conveyancing lawyer in Yarm On Tees local to me. Can you help?
The minority of Yarm On Tees conveyancing practices are listed all lender’s conveyancing panel. Use our search tool to find a Yarm On Tees conveyancing conveyancer on the on the mortgage company panel.
About to purchase a new build flat in Yarm On Tees. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Yarm On Tees
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Yarm On Tees is where the house is located. Can you offer any opinion?
Flying freeholds in Yarm On Tees are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Yarm On Tees you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yarm On Tees 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 premises.
My wife and I purchased a leasehold house in Yarm On Tees. Conveyancing and Skipton Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Yarm On Tees who acted for me is not around. Do I pay?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Yarm On Tees conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a leasehold flat in Yarm On Tees, conveyancing having been completed in 2011. How much will my lease extension cost? Similar flats in Yarm On Tees with an extended lease are worth £260,000. The ground rent is £45 per annum. The lease runs out on 21st October 2100
You have 74 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
My step-son is embarking on her first house purchase, he had his mortgage in principle. After the seller agreed the offer on the flat we contacted the lender to issue the formal offer. I was very surprised to discover that mortgage lenders do not accept all lawyer, they have to be on a list, is this legal?
Lenders normally imposes restrictions either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Yarm On Tees property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.