My wife and I are approaching an exchange on a house in Irby and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold house in Irby but still charged rent, why is this and what is this?
It’s unusual for properties in Irby and has limited impact for conveyancing in Irby 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I have an AIP. The bank mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would much rather use a Irby based conveyancing firm?
You should check but the chances are that appoint one of their panel lawyers should you want the "fee-free" deal. Contact the lender and determine if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Irby.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Irby is the location of the property. What do you suggest?
Flying freeholds in Irby are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Irby you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Irby may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been pointed in your direction by three or four local selling agents in Irby to locate a property lawyer on your site. What’s the financial incentive for Estate Agents to offer your lawyers over and above alternative conveyancing organisations?
We don’t make any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
There are only Seventy years left on my flat in Irby. I need to get lease extension but my landlord is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent would be useful to carry out a search and to produce an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the application to the County Court overseeing Irby.
I inherited a garden flat in Irby, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Irby with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2079
With only 54 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
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 due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues 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 without first getting professional advice.