I purchased a freehold residence in Chellaston but still pay rent, why is this and what is this?
It is rare for properties in Chellaston and has limited impact for conveyancing in Chellaston 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 creation of new rentcharges from 1977 onwards.
Previous 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.
is it true that all Chellaston solicitor practices on the Santander conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Santander conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many banks do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
I can not work out if my lender requires a lease extension. I have called into my local Chellaston bank branch on numerous occasions and was told they are content with the situation and they would lend. My Chellaston conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your conveyancing practitioner must comply with the CML Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Bank of Ireland have agreed my home loan in principle, my bid on a property in Chellaston has been accepted, what happens next?
Your estate agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Contact Bank of Ireland or the broker and complete any relevant paperwork. Bank of Ireland will instruct a valuer who will get in contact with the estate agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Chellaston.
A relative advised me that where I am buying in Chellaston I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Chellaston conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Chellaston around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Chellaston Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information regarding Chellaston.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Chellaston?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Chellaston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
The estate agent has sent us the confirmation of our purchase of a new build flat in Chellaston. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Chellaston
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Expecting to exchange soon on a garden flat in Chellaston. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Chellaston should include some of the following:
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Whether your lease provides for a slush fund? Where does the liability rest to repair and maintain the main walls and foundations. It is important that you know who is responsible the repair and maintenance of every part of the building You should have a good understanding of the insurance obligations Responsibility for maintaining the window frames specifics of the parties to the lease, for instance these could be the tennant, superior lessor, freeholder
I invested in buying a studio flat in Chellaston, conveyancing formalities finalised 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Chellaston with a long lease are worth £222,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2095
You have 70 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.