I purchased a freehold house in Mosborough but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Mosborough and has limited impact for conveyancing in Mosborough 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 generation 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 after 2037 is to be dispensed with completely.
We're in Mosborough, First timers buying with a mortgage (lender is Santander , and our solicitor is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My friend recommended that if I am purchasing in Mosborough I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Mosborough conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Mosborough around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Mosborough Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Mosborough Education with maps and statistics, Local Amenities and other useful data regarding Mosborough.
I'm purchasing a new build house in Mosborough with the aid of help to buy. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The sale representative told me not disclose to my conveyancer about the deal as it may jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Last October I purchased a leasehold house in Mosborough. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a studio flat in Mosborough, conveyancing was carried out 8 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Mosborough with over 90 years remaining are worth £216,000. The ground rent is £50 yearly. The lease expires on 21st October 2095
With just 69 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
Developers have recommended to me a conveyancer and I've obtained an estimate from them. They are almost £250 less expensive than my preferred Mosborough lawyer. Should I use them?
Developers often have panels of conveyancing practitioners who expedite matters and who know the seller’s paperwork and property lawyer. As many developers offer an inducement to select a preferred solicitor for this reason, any increased cost can be avoided and a builder won't suggest a conveyancing warehouse and run the risk of having the conveyancing delayed when they want exchange within a tight deadline. A counter-argument for not opting for the suggested conveyancing practitioner is that they may prove unwilling to 'push' your interests for fear of upsetting the developer. Where you have concerns that this may be the situation you should remain with your high street Mosborough solicitor.