All was ready to complete my purchase in Johnstown next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Johnstown.
I am the registered owner of a freehold premises in Johnstown yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Johnstown and has limited impact for conveyancing in Johnstown 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Johnstown is the location of the property. Is there any advice you can give?
Flying freeholds in Johnstown are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Johnstown you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Johnstown may determine 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.
In what way does the Landlord & Tenant Act 1954 impact my commercial offices in Johnstown and how can your lawyers assist?
The particular law that you refer to provides security of tenure to business lessees, giving them the dueness to apply to court for a renewal lease and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Johnstown is one of our many areas of the UK in which our lawyers have offices
Am I better off to use a Johnstown conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can execute the conveyancing but they are based 400kilometers away.
The benefit of a high street Johnstown conveyancing practice is that you can attend the office to sign paperwork, hand in your identification documents and apply pressure on them where appropriate. Having local Johnstown know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and on the whole were happy that must surpass using an unfamiliar Johnstown conveyancing lawyer solely due to them being round the corner.
Back In 2009, I bought a leasehold flat in Johnstown. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Johnstown who previously acted has now retired. What should I do?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Johnstown conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a 2 bed flat in Johnstown, conveyancing having been completed 3 years ago. How much will my lease extension cost? Comparable properties in Johnstown with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2079
With 54 years left to run the likely cost is going to span between £32,300 and £37,400 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 a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.