I purchased a freehold property in North Hykeham but still pay rent, why is this and what is this?
It’s unusual for properties in North Hykeham and has limited impact for conveyancing in North Hykeham 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am considering applying for a Clydesdale mortgage for purchase of a newly converted (under development) in North Hykeham with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
In theory, you could use a solicitor that is not on the Clydesdale conveyancing panel, but Clydesdale would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
What does a local search reveal concerning the property my wife and I buying in North Hykeham?
North Hykeham conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company such as PSG The local search plays an important role in many a North Hykeham conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
Due to the encouragement of my in-laws I had a survey completed on a property in North Hykeham ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some banks tend refuse to issue a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in North Hykeham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in North Hykeham to see if the conveyancing will be more expensive.
All being well we will complete the disposal of our £200,000 flat in North Hykeham in just under a week. The landlords agents has quoted £360 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in North Hykeham?
North Hykeham conveyancing on leasehold maisonettes usually involves administration charges levied by landlords agents :
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Answering conveyancing due diligence questions
Where consent is required before sale in North Hykeham
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a 2 bed flat in North Hykeham, conveyancing formalities finalised 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in North Hykeham with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2100
With only 76 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
I need to find a lender panel solicitor in North Hykeham. Can you assist?
It is not clear why you need a North Hykeham panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in North Hykeham are on their panel . If you do find such a firm in North Hykeham not listed please direct them to our site to list. After all the cost is only one £1 a month