I purchased a freehold property in Bishops Castle yet pay rent, why is this and what is this?
It’s unusual for properties in Bishops Castle and has limited impact for conveyancing in Bishops Castle 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather use a Bishops Castle based conveyancing firm?
You should check but the the likelihood is that give you one of their panel lawyers if you accept the "fee-free" offer. Contact the bank to check if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Bishops Castle.
Does a directory service exist listing Bank of Ireland panel solicitors in Bishops Castle on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable on the web. If you are looking for a Bishops Castle property lawyer on the Bank of Ireland please make the most of our facility.
I am purchasing a property in Bishops Castle. A rare aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Skipton your lawyer must comply with the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Skipton where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to Bishops Castle.
The mortgage over my property is with Clydesdale for my property in Bishops Castle. Conveyancing was finalised months ago. Should I wish 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 Clydesdale?
You must advise Clydesdale in advance of renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale 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 Clydesdale directly. You need not do this via a Clydesdale conveyancing panel firm.
What will a local search tell me about the property I am buying in Bishops Castle?
Bishops Castle conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for instance Searches UK The local search plays a central role in most Bishops Castle conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
What does commercial conveyancing in Bishops Castle cover?
Bishops Castle conveyancing for business premises covers a broad array of advice, provided by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I only have 72 years left on my flat in Bishops Castle. I now wish to extend my lease but my landlord is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to locate the freeholder. On the whole a specialist should be helpful to conduct investigations and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Bishops Castle.
I acquired a split level flat in Bishops Castle, conveyancing having been completed March 2011. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Bishops Castle with an extended lease are worth £202,000. The ground rent is £60 charged once a year. The lease finishes on 21st October 2081
With just 56 years left to run we estimate the premium for your lease extension to be between £29,500 and £34,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.