Our conveyancer has identified a defect with the lease for the property we are purchasing in Clophill. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I am the registered owner of a freehold house in Clophill but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Clophill and has limited impact for conveyancing in Clophill 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 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 in 2037 is to be dispensed with completely.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Clophill I like with a park and railway links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Clophill in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I'm remortgaging my primary home to a BTL loan with Platform Home Loans Ltd and I will use the ballance of the raised equity towards a second house. The location we are interested in is Clophill. Will your solicitors be able to act for the two banks and link together the two deals?
Make use of our comparison tool on this site to check that the solicitors are on the relevant lender panels. Having checked that they are the solicitor should be able to tie up the two transactions but you should have a chat with you conveyancer and specify your expectations and requirements.
My wife and I purchased a leasehold house in Clophill. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Clophill who previously acted has now retired. Do I pay?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Clophill conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a split level flat in Clophill, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Clophill with an extended lease are worth £175,000. The ground rent is £65 invoiced annually. The lease terminates on 21st October 2083
With only 58 years left to run the likely cost is going to span between £23,800 and £27,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
What type of premises does your Clophill conveyancing quotes relate to?
Our conveyancing quotes are only applicable to standard domestic homes in England & Wales. If you have any different needs such as industrial or agricultural land or commercial conveyancing in Clophill do telephone us to consider your requirements .