I purchased a freehold property in Didsbury but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Didsbury and has limited impact for conveyancing in Didsbury 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 fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My solicitor has informed me that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Didsbury?
The right level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between Yorkshire Building Society and Chelsea Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I am expecting a OIP from Lloyds this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Didsbury solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Didsbury solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
Nationwide have agreed my home loan in principle, my bid on a flat in Didsbury has been accepted, what are the next steps?
Your estate agent will wish to know who your solicitors are (ensure that the lawyers are on the lender’s panel). Contact Nationwide or the broker and finalise any relevant forms. Nationwide will sellect a valuer who will get in touch with the selling agent or seller to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Nationwide will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Didsbury.
Should our solicitor be making enquiries about flooding as part of the conveyancing in Didsbury.
Flooding is a growing risk for conveyancers dealing with homes in Didsbury. There are those who acquire a house in Didsbury, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a various searches that may be initiated by the buyer or by their lawyers which will figure out the risks in Didsbury. The standard information supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to discover whether the property has ever been flooded. If the property has been flooded in past which is not disclosed by the owner, then a purchaser could commence a compensation claim as a result of such an incorrect reply. A purchaser’s conveyancers will also conduct an enviro report. This will reveal whether there is a recorded flood risk. If so, additional investigations should be carried out.
Just had an offer accepted on a new build apartment in Didsbury. Conveyancing is necessary evil 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.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Didsbury
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Do I need to be concerned that 3rd parties that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a High Street Didsbury conveyancing company?
As with many service providers, often suggestions from family and friends can be extremely useful or valuable. Yet there are many people with a keen interest in a conveyancing transaction; estate agents, financial adviser and banks may recommend lawyers to select. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the right to appoint your preferred lawyer. You need to be aware that some lenders have an approved list of lawyers you are obliged to use for the lender related work in your home move.
Expecting to exchange soon on a studio apartment in Didsbury. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Didsbury should include some of the following:
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What options are available to the landlord where you breach a clause of your lease? The unexpired lease term. You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Details of the parties to the lease, e.g. these could be the tennant, head lessor, landlord Does the lease prevent you from renting out the property, or having a home office for business
I acquired a garden flat in Didsbury, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Didsbury with a long lease are worth £171,000. The ground rent is £50 yearly. The lease ends on 21st October 2104
With 79 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.