Are you able to vouch for a Yorkshire Building Society allowed Barbican conveyancing practice who can have us moved in within 10 days? Am I best advised to go for a local Barbican conveyancer or an internet conveyancer?
We would be happy to suggest some excellent Barbican conveyancing firms. You can also walk up the main road in Barbican. Approach a couple of law practices and ask to speak with a conveyancing solicitor for a fee estimate. Discuss your expectations together with your reasons and get an assurance on speed. Choose the lawyer that you are most comfortable with.
I am the registered owner of a freehold premises in Barbican but nevertheless charged rent, why is this and what is this?
It is rare for properties in Barbican and has limited impact for conveyancing in Barbican 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Two weeks ago we had a mortgage agreed in principle with RBS. Barbican conveyancing lawyers were instructed. How long does it take for RBS to send the offer to the property lawyer?
There is no definitive answer here. Have RBS done the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We were going to get a OIP from Santander this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Barbican solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Barbican solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I was told two weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Barbican is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to take this when acquiring a house in Barbican? or I am told that there is a law dating back centuries that could mean that house owners living in a parish church boundary may be liable to contribute towards maintenance to the chancel in proximity to the church. Is this relevant for conveyancing in Barbican?
Unless a previous purchase of the property completed after 12 October 2013 you may assume that conveyancing practitioners carrying out conveyancing in Barbican to continue to suggest a chancel search and or chancel repair liability policy.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Barbican is where the house is located. Is there any advice you can impart?
Flying freeholds in Barbican are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Barbican you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barbican 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.
I am looking at a couple of apartments in Barbican both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Barbican is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Barbican conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a first floor flat in Barbican. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to decide the price.
An example of a Lease Extension matter before the tribunal for a Barbican premises 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 affected 2 flats. The unexpired term as at the valuation date was 72.39 years.