I can't travel far from Aldersgate. Can you please explain the reason why all Aldersgate solicitors are not on all mortgage company panels?
Before the recession most banks demonstrated an approach to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into fraud which in summary warned lenders: know the property lawyers on your panel. Consequently, mortgage companies have since soughtmore data from law firms concerning their operations and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of amount of transactions the lenders set.
My brother and I have lately bought a house in Aldersgate. We have noticed several problems with the house which we believe were omitted in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been ordered for conveyancing in Aldersgate?
The query is not clear as what problems have arisen and if they are specific to conveyancing in Aldersgate. Conveyancing searches and due diligence undertaken as part of the buying process are supposed to help avoid problems. As part of the legal transfer of property, a property owner completes a form known as a SPIF. answers ends up being inaccurate, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Aldersgate.
I own a freehold property in Aldersgate but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Aldersgate and has limited impact for conveyancing in Aldersgate 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 creation of new 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 is to be dispensed with completely.
Should my solicitor be asking questions about flooding during the conveyancing in Aldersgate.
Flooding is a growing risk for lawyers dealing with homes in Aldersgate. Some people will buy a property in Aldersgate, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a numerous checks that may be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Aldersgate. The conventional set of information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the owner to discover if the property has suffered from flooding. If the property has been flooded in past which is not revealed by the vendor, then a buyer could issue a legal claim for losses resulting from an misleading answer. The purchaser’s conveyancers will also carry out an enviro search. This should disclose whether there is a recorded flood risk. If so, further inquiries should be made.
Due to the input of my in-laws I had a survey completed on a property in Aldersgate in advance of retaining lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Aldersgate. Conveyancing will be smoother if you use a solicitor in Aldersgate especially if they are accustomed to such properties in Aldersgate.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Aldersgate. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Aldersgate are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Aldersgate in which case you should be looking for a Aldersgate conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Aldersgate. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the sum to be paid.
An example of a Lease Extension case for a Aldersgate property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired lease term was 72.39 years.