I am the registered owner of a freehold house in Miskin but still charged rent, why is this and what is this?
It’s unusual for properties in Miskin and has limited impact for conveyancing in Miskin 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 establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I had intended to instruct a property lawyer in Miskin for our house purchase. Our financial adviser has since notified us that our mortgage lenders Barnsley Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Miskin conveyancing firms would have been on most lender panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms concerning their operations and the individuals who work for them and set certain criteria such a completing on a minimum amount of conveyancing. Many Miskin 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. Miskin is one of the many areas where the solicitors we recommend are are approved Barnsley Building Society.
My husband and I are spending time viewing flats in Miskin and I am now considering a potential offer. Is it advisable to have my solicitor on ‘stand by’? I intend to finance via a mortgage with UBS.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property in Miskin off the council. I have a mortgage offer with Virgin Money. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Miskin bank branch on numerous occasions and was told they are content with the situation and they would lend. My Miskin conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The solicitor must comply with the CML Handbook section two specifications for your bank. 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.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Miskin is where the house is located. What do you suggest?
Flying freeholds in Miskin are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Miskin you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Miskin 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.
Is it simple use your search app to choose a conveyancing practitioner in Miskin on the approved list for my lender?
First pick a lender such as Barclays , Skipton Building Society or Aldermore then specify your location for example Miskin. Conveyancing firms in Miskin and further afield will then be identified.
I would like to sublet my leasehold apartment in Miskin. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease governs the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Miskin do not prevent subletting altogether – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I invested in buying a leasehold flat in Miskin, conveyancing was carried out November 2011. Can you work out an approximate cost of a lease extension? Comparable flats in Miskin with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2078
With just 53 years remaining on your lease the likely cost is going to range between £27,600 and £31,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.