I am the registered owner of a freehold residence in Burbage but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Burbage and has limited impact for conveyancing in Burbage 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 post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Forgive me if this question is silly but I am unexperienced as a 1st time purchaser of a ground floor flat in Burbage. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will find a local conveyancing solicitor in Burbage?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the seller's conveyancers, and once they have received this, you should be called to pick up the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
We had appointed conveyancing lawyers located in Burbage on the Principality solicitor approved list. They are now charging me a further fee for handling the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. The charge is not dictated by Principality but by your Burbage solicitor. Plenty of firms on the Principality panel will quote an ‘acting for lender’ fee but many firms include it on their overall fee.
We have agreed to purchase a house in Burbage. One unusual aspect is that the roof has a solar panel. Nottingham 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 Nottingham your lawyer must follow the conveyancing requirements contained in Part two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Nottingham where a lease fails to comply with these conditions. The conditions relate to the installation of panels on properties countrywide and is not isolated to Burbage.
I require fast conveyancing in Burbage as I am faced with a deadline to exchange contracts within one month. Fortunately I do not require a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you are at liberty not to have searches carried out although no lawyer would suggest that you don't. Drawing on years of experience of conveyancing in Burbage the following are instances of what can crop up and adversely impact future mortgageability: Enforcement Actions, Overdue Charges, Outstanding Grants, Railway Schemes,...
I have a semi-detached Victorian property in Burbage. Conveyancing solicitor acted for me and Nottingham Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Burbage and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing practitioner who completed the work.
Do you have any advice for leasehold conveyancing in Burbage with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Burbage can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers’ conveyancers. A minority of Burbage leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Burbage leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such alterations. Where you fail to have the approvals to hand do not contact the landlord without contacting your lawyer before hand. You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the lease term is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
I inherited a 1st floor flat in Burbage, conveyancing having been completed 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Burbage with over 90 years remaining are worth £165,000. The ground rent is £50 yearly. The lease expires on 21st October 2103
With only 77 years unexpired the likely cost is going to range between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
My lawyers in Burbage have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.