I am not in a position to travel far from Midhurst. I would like to know the reason why all Midhurst lawyers are not on all mortgage company panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in banks and building societies pruning less reputable firms from their official list of approved conveyancing practitioners .
I purchased a freehold house in Midhurst yet pay rent, why is this and what is this?
It is rare for properties in Midhurst and has limited impact for conveyancing in Midhurst 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I purchased a 4 bedroom Georgian property in Midhurst. Conveyancing lawyer acted for me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the matching address. Is it worth asking Alliance & Leicester to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Midhurst and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing lawyer who conducted the conveyancing.
The estate agent has sent us the confirmation of our purchase of a new build flat in Midhurst. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Midhurst
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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. 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. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Midhurst I like with open areas and station in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Midhurst for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I am hoping to exchange soon on a ground floor flat in Midhurst. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Midhurst should include some of the following:
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What options are open to you if a neighbour is in violation of a provision in their lease? The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Will you be prohibited or prevented from having pets in the property? Information concerning the obligations in the lease to to contribute towards maintenance costs - with regard to both the building, and the wider rights a leaseholder enjoys What options are available to the landlord where you breach a clause of your lease?
Leasehold Conveyancing in Midhurst - Examples of Questions you should consider Prior to Purchasing
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How much is the ground rent and service charge? Is the freehold owned jointly by the leaseholders? Who are the managing agents?