I am the registered owner of a freehold house in East Cowes but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in East Cowes and has limited impact for conveyancing in East Cowes 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I'm at the point of viewing flats in East Cowes and I am about to put in an offer. Is it wise to have a property lawyer on ‘stand by’? I will be getting a mortgage with Leeds Building Society.
It would be prudent to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are seeking a mortgage with Leeds Building Society, make sure you remember to check that your lawyer is on the Leeds Building Society conveyancing panel.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a East Cowes property lawyer on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC 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 HSBC mortgage from the register. HSBC, 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 HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in East Cowes is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Me and my brother have a semi-detached Edwardian house in East Cowes. Conveyancing practitioner represented me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register as there may be 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 East Cowes and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing solicitor who carried out the work.
I am buying my first flat in East Cowes with a loan from Yorkshire Building Society. The builders refused to move on the price so I negotiated 6k of additionals instead. The estate agent advised me not to tell my lawyer about the side-deal as it may affect my loan with Yorkshire Building Society. Is this normal?.
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.
In what way does the Landlord & Tenant Act 1954 impact my business premises in East Cowes and how can you help?
The particular law that you refer to gives a safeguard to commercial lessees, giving them the a statutory right to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in East Cowes
I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in East Cowes. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in East Cowes ?
Most houses in East Cowes are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in East Cowes so you should seriously consider shopping around for a East Cowes conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I am the registered owner of a ground floor flat in East Cowes, conveyancing was carried out in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in East Cowes with an extended lease are worth £206,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2091
You have 66 years unexpired the likely cost is going to range between £12,400 and £14,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.