I purchased a freehold property in Langstone but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Langstone and has limited impact for conveyancing in Langstone 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh 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 in 2037 is to be extinguished.
My apartment in Langstone is up for sale and I have a buyer. Does my conveyancing practitioner have to be on the Clydesdale conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I need some fast conveyancing in Langstone as I am faced with pressure to exchange contracts inside one month. Luckily I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you are at free not to have searches carried out although no law firm would suggest that you don't. With lots of history conveyancing in Langstone the following are examples of issues that can show up and adversely affect market value: Refused Planning Applications, Overdue Fees, Outstanding Grants, Road Schemes,...
I am purchasing my first flat in Langstone benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The sale representative advised me not inform my lawyer about this side-deal as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Langstone. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Langstone are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Langstone in which case you should be shopping around for a Langstone conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am the registered owner of a basement flat in Langstone, conveyancing was carried out February 2004. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Langstone with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2092
With 68 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
Do I stop the direct debit for my mortgage with Yorkshire BS once a completion date for my sale in Langstone has been set?
No, you must maintain paying any mortgage payments to Yorkshire BS until the mortgage is repaid on completion as part of your Langstone conveyancing.