I am the registered owner of a freehold property in North Kensington but still pay rent, why is this and what is this?
It’s unusual for properties in North Kensington and has limited impact for conveyancing in North Kensington 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 from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a North Kensington property lawyer on the Principality panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
It is not clear whether my lender requires a lease extension. I have called my North Kensington building society branch on various occasions and was told they are content with the situation and they would lend. My North Kensington conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their specific requirements. I simply don't know who is right.
The conveyancer has to follow the Council of Mortgage Lenders’ Handbook section two conditions 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my apartment. I had a double glazing fitted in June 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nationwide are being problematic. The North Kensington solicitor who is on the Nationwide conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What can a local search reveal regarding the property I am purchasing in North Kensington?
North Kensington conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company such as Xpress Legal The local search is essential in every North Kensington conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search should provide information on, amongst other things, details on planning applications relevant to the property (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 thirteen topic sections.
I'm buying a new build house in North Kensington with a loan from Bank of Scotland. The builders refused to move on the amount so I negotiated £7000 of extras instead. The sale representative advised me not disclose to my solicitor about the side-deal as it would adversely affect my mortgage with the lender. Is this normal?.
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.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, no chain conveyancing. North Kensington is the location of the property. Is there any advice you can give?
Flying freeholds in North Kensington are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Kensington you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Kensington 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £250,000 apartment in North Kensington on Thursday in a week. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in North Kensington?
For most leasehold sales in North Kensington conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing conveyancing due diligence enquiries
Where consent is required before sale in North Kensington
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a North Kensington conveyancing firm to assist?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a North Kensington residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The unexpired term was 37.79 years.