I purchased a freehold premises in Catshill but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Catshill and has limited impact for conveyancing in Catshill 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Are all Catshill Conveyancing Quality Solicitors on the Nationwide conveyancing panel?
A selection of lenders now utilise CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
We have a mortgage agreed in principle with Aldermore. Catshill conveyancing practitioners were instructed. How long does it take for Aldermore to issue the offer to the solicitor?
Some lenders take longer than others. Have Aldermore completed the survey? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have paid off my mortgage with Coventry BS. I assume I don't need a Catshill property lawyer on the Coventry BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I'm purchasing a new build house in Catshill with the aid of help to buy. The sellers refused to reduce the amount so I negotiated 6k of extras instead. The property agent advised me not disclose to my conveyancer about this side-deal as it would put at risk my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a house in Catshill prior to retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies tend refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Catshill. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Catshill to see if the conveyancing costs will increase in light of this.
Looking forward to sign contracts shortly on a studio apartment in Catshill. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Catshill should include some of the following:
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You should know if the lease allows you to change or upgrade anything in the property- you should be made aware as to whether any restrictions relates to all alterations or just structural alteration, and whether consent is required What the implications are if you breach a clause of your lease? You would want to receive a copy of the lease You need to be informed what counts as a Nuisance in the lease Information as to the provision as set out in the lease to to contribute towards maintenance costs - with regard to both the building, and the more general rights a leaseholder has
I inherited a ground floor flat in Catshill, conveyancing having been completed in 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Catshill with over 90 years remaining are worth £201,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2090
You have 64 years unexpired we estimate the premium for your lease extension to be between £15,200 and £17,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
My brother is purchasing a ground floor flat in Catshill. He has received a fee estimate by the property lawyer connected to the estate agents totaling £1385 . It was ten years ago I sold and purchased a property and it cost was £just under six hundred pounds. Have costs really increased to that extent?
We would recommend that you e-mail a few local Catshill conveyancing firms requesting estimates. You should base your decision not solely on cost, but on promptness and on how comprehensive the response is.