I purchased a freehold premises in Evesham yet charged rent, why is this and what is this?
It is rare for properties in Evesham and has limited impact for conveyancing in Evesham 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
When it comes to lenders such as Clydesdale, do Evesham lawyers incur an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Can I be sure that the Evesham conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Evesham getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your conveyancing.
I am expecting a OIP from RBS 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 RBS recommend any Evesham solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Evesham solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I'm purchasing a new build house in Evesham with a loan from Chelsea Building Society. The builders refused to move on the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not to tell my lawyer about the extras as it could impact my mortgage with Chelsea Building Society. 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.
I opted to have a survey done on a house in Evesham prior to instructing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders may not grant a loan on such a home.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Evesham. Conveyancing will be smoother if you use a solicitor in Evesham especially if they are acquainted with such properties in Evesham.
Am I best advised to appoint a Evesham conveyancing lawyer based in the area that I am buying? An old friend can execute the legal work however her office is approximately 350miles away.
The benefit of a local Evesham conveyancing firm is that you can visit the firm to sign documents, present your identification documents and apply pressure on them if necessary. Having local Evesham know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were happy that must surpass using an unfamiliar Evesham conveyancing lawyer solely due to them being round the corner.
What makes a Evesham lease defective?
There is nothing unique about leasehold conveyancing in Evesham. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
-
A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain elements of the building
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a studio flat in Evesham, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Evesham with an extended lease are worth £197,000. The ground rent is £55 yearly. The lease ceases on 21st October 2080
With 55 years unexpired the likely cost is going to range between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures 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. You should not take any other action placing reliance on this information before seeking the advice of a professional.