Our solicitor has uncovered a defect with the lease for the property we are buying in Moor Row. The other side have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications have to be complied with.
I am the registered owner of a freehold house in Moor Row but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Moor Row and has limited impact for conveyancing in Moor Row 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I have been told that property searches are a common cause of delay in Moor Row conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Moor Row.
Due to the encouragement of my in-laws I had a survey completed on a property in Moor Row before instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some banks may not grant a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Moor Row. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Moor Row to see if the conveyancing costs will increase in light of this.
Back In 2001, I bought a leasehold flat in Moor Row. Conveyancing and Halifax mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Moor Row who previously acted has now retired. Any advice?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Moor Row conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a studio flat in Moor Row, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Moor Row with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2076
With just 52 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
I have been told by many friends that it can take six to eight weeks for Moor Row conveyancing to complete.This was four weeks ago. The property information was only sent from the vendors conveyancer a few days ago so now does it countdown?
Six to eight weeks is a very approximate timescale. Answering accurately how long Moor Row conveyancing will take is virtually impossible. Without fail every property will have it’s bespoke set of concerns. Accordingly your solicitor will find it difficult to predict the a precise timeframe to complete your conveyancing in Moor Row.