I am the registered owner of a freehold property in Merton Park but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Merton Park and has limited impact for conveyancing in Merton Park 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 from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
We wanted to use a property lawyer in Merton Park for our house purchase. Our financial adviser informed us that our mortgage company Nationwide Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most lenders had a different appetite for risk. Almost all Merton Park conveyancing firms would have been on most lender panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms relating to their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Merton Park conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Merton Park is amongst the hundreds of locations where the solicitors showing on our search results are members of the panel for Nationwide Building Society.
I'm the single beneficiary of my late father’s estate with all property in now in my sole name, including the house in Merton Park. The Merton Park property was put into my name in April. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in April. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How sensible a view lenders take of it, depend on the bank as this provision principally exists to capture the purchase and immediately sell or the flipping of properties.
Does a directory service exist listing Yorkshire BS panel conveyancers in Merton Park on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few lending institutions make their panel listings visible online. If you are in need of a Merton Park conveyancer on the Yorkshire BS please make the most of our facility.
It is not clear whether my bank requires a lease extension. I have called into my local Merton Park bank branch on numerous occasions and was told they are content with the situation and they would lend. My Merton Park conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancer is on the lender panel, she or he must follow the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase a new build apartment in Merton Park. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Merton Park
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have tried to negotiate informally with with my landlord for a lease extension without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Merton Park conveyancing firm to act on my behalf?
Absolutely. We are happy to put you in touch with a Merton Park conveyancing firm who can help.
An example of a Lease Extension case for a Merton Park residence is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The remaining number of years on the lease was 62.94 years.
In relation to leasehold conveyancing in Merton Park what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Merton Park. Most leases are drafted differently and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain elements of the property
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
How much experience do your Merton Park conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Merton Park conveyancing lawyers help thousands of people move home every year and supported plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Merton Park conveyancers have worked on recent similar matters.