I am the registered owner of a freehold house in Failsworth but nevertheless charged rent, why is this and what is this?
It is rare for properties in Failsworth and has limited impact for conveyancing in Failsworth 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My property lawyer in Failsworth is not on the Nationwide Building Society Solicitor Panel. Can I still continue with my prefered solicitor notwithstanding that they are not on the Nationwide Building Society panel?
Your options are as follows:
- Complete the purchase with your preferred Failsworth solicitors but Nationwide Building Society will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the overall legal fees and result in frustration.
- Find an alternative practitioner to act in the conveyancing, not forgetting to check they are on the Nationwide Building Society panel
Is it the case that all Failsworth solicitor practices on the Kent Reliance conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Kent Reliance approved list of solicitors they would need to be regulated by the SRA. The majority of mortgage companies do list licenced conveyancers on their panel and in such a situation the firms would be overseen by the Council of Licensed Conveyancers.
I am due to exchange contracts on my apartment. I had a double glazing fitted in February 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Aldermore are being problematic. The Failsworth solicitor who is on the Aldermore conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
At last I have had an offer on a flat in Failsworth accepted, but there is a chain. The vendors have offered on a property, however it’s not been accepted yet, and are looking at other apartments booked. I have chosen a nearby conveyancing solicitor in Failsworth. What should be my next step? At what point should I apply for the mortgage with Leeds Building Society?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then valuation, Failsworth conveyancing search costs, etc). The first course of action is to ensure that your solicitor is on the Leeds Building Society approved list. Concerning the subsequent steps this very much depends on the specifics of your transaction, desire for the property and on the state of the market. In a hot market the majority of buyers will apply for a home loan with Leeds Building Society and pay for the valuation and only if it comes back ok would they pay their conveyancer to move forward with the conveyancing in Failsworth.
The estate agent has sent us the confirmation of our purchase of a new build flat in Failsworth. 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.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Failsworth
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Expecting to sign contracts shortly on a studio apartment in Failsworth. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Failsworth should include some of the following:
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Rent payments - what is payable and what the invoice dates are, and be on notice if this will change in the future Repair and maintenance of the premises What the implications are if you have violated the provisions of the lease? You must be advised what constitutes a Nuisance as far as the lease is concerned Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
I own a 1 bedroom flat in Failsworth, conveyancing having been completed 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 Failsworth with a long lease are worth £201,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2090
With only 65 years left to run we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Should local authority consent be necessary to convert a house into a couple of appartments in Failsworth? This has occurred to a property next door to a friend in Failsworth and was not aware of it happening until after the works were complete.
Planning Permission yes. Building Regulations yes.