I am the registered owner of a freehold house in Islington yet invoiced for rent, why is this and what is this?
It is rare for properties in Islington and has limited impact for conveyancing in Islington 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 establishment of fresh rentcharges post 1977.
Old 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 have been advised by my solicitor that lack of planning permission insurance is necessary on my purchase. What is the level of cover for Islington conveyancing?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and Coventry Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I happen to be the only recipient of my late mum's will with all property in now in my sole name, including the my former home in Islington. The Islington property was put into my name in July. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in July. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view banks take of it, depend on the lender as this obligation is chiefly there to identify subsales or the flipping of property.
We expect to receive a AIP from Lloyds this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Islington solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Islington solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
Are there restrictive covenants that are commonly identified during conveyancing in Islington?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Islington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
About to purchase a new build apartment in Islington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be 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 Islington
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. 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. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Due to the input of my in-laws I had a survey completed on a house in Islington ahead of retaining solicitors. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders will refuse to grant a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Islington. Conveyancing will be smoother if you use a solicitor in Islington especially if they are accustomed to such properties in Islington.
Estate agents have just been given the go-ahead to market my 2 bed flat in Islington. Conveyancing lawyers have not yet been instructed, but I have recently received a quarterly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice as you normally would because all rents and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the proprietor of a two-bedroom flat in Islington. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Absolutely. We are happy to put you in touch with a Islington conveyancing firm who can help.
An example of a Lease Extension case for a Islington residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The remaining number of years on the lease was 80.5 years.