I purchased a freehold residence in Leicestershire yet charged rent, why is this and what is this?
It is rare for properties in Leicestershire and has limited impact for conveyancing in Leicestershire 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 creation 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 after 2037 will be dispensed with completely.
I know that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a house in Leicestershire? or I am told that there is historic law that means some house owners residing in a parish church boundary will be compelled to pay for maintenance to the chancel in proximity to the church. Is this applicable for conveyancing in Leicestershire?
Unless a previous acquisition of the house took place post 12 October 2013 you could assume that solicitors delivering conveyancing in Leicestershire to continue to advocate a chancel search and or insurance against a claim.
I used Wolstenholmes a few years past for my conveyancing in Leicestershire. I now require my papers but cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Leicestershire of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build house in Leicestershire with a mortgage from Yorkshire Building Society. The developers refused to reduce the price so I negotiated £7000 of additionals instead. The property agent told me not to tell my conveyancer about this extras as it could jeopardize my loan with Yorkshire Building Society. 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 decided to have a survey done on a house in Leicestershire in advance of appointing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies may not issue a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Leicestershire. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Leicestershire to see if the conveyancing will be more expensive.
I have just appointed agents to market my basement flat in Leicestershire. Conveyancing has not commenced, however I have recently had a quarterly service charge demand – what should I do?
It best that you pay the maintenance contribution as you normally would as all ground rent and maintenance payments should be allotted on completion, so you should recover the relevant percentage by the buyer 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. This will smooth the conveyancing process.
I am the registered owner of a split level flat in Leicestershire, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable properties in Leicestershire with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2106
With just 80 years unexpired we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.