I purchased a freehold residence in Moorends but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Moorends and has limited impact for conveyancing in Moorends 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 creation of fresh rentcharges post 1977.
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 extinguished.
We wish to acquire a purpose built apartment in Moorends with a mortgage from Coventry Building Society.We like our Moorends conveyancing practitioner but Coventry Building Society advised that she’s not on their "panel". It seems we are left with no choice but to instruct a Coventry Building Society panel firm or retain our high street solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Coventry Building Society use our lawyer?
No, not really. The home loan issued to you is subject to its various provisions, a common one being that conveyancers will be on the Coventry Building Society approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Coventry Building Society
Various web forums that I have come across warn that are the primary cause of obstruction in Moorends house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Moorends.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Moorends is the location of the property. Can you offer any advice?
Flying freeholds in Moorends are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Moorends you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Moorends may ascertain 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 residence.
I wish to rent out my leasehold apartment in Moorends. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
The lease governs the relationship between the landlord and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Moorends do not prevent subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I acquired a studio flat in Moorends, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Moorends with an extended lease are worth £222,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2095
With 70 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Are the Moorends conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the lender?
Moorends law firm practices and firms carrying out conveyancing in Moorends themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the lender directly.