I own a freehold property in Northop Hall yet pay rent, why is this and what is this?
It’s unusual for properties in Northop Hall and has limited impact for conveyancing in Northop Hall 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 generation 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 dispensed with completely.
The Northop Hall conveyancing solicitors that I recently instructed on my purchase in Northop Hall have suddenly closed. I only went with them because I needed a solicitor on the Aldermore conveyancing panel and my previous Northop Hall lawyer was not. I sent them a cheque for £250 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
How can we tell if a Northop Hall conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Northop Hall getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer handling your transaction.
Last month we had a mortgage agreed in principle with Yorkshire BS. Northop Hall conveyancing lawyers were instructed. What is the average time that one could expect to receive a mortgage offer from Yorkshire BS?
Some lenders take longer than others. Have Yorkshire BS completed the valuation? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Northop Hall solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Northop Hall postcode. As you are getting a mortgage with Bank of Ireland, you could contact them to see if they have a list of approved surveyors in Northop Hall.
How does conveyancing in Northop Hall differ for newly converted properties?
Most buyers of new build premises in Northop Hall contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Northop Hall usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Northop Hall or who has acted in the same development.
I am attracted to a couple of flats in Northop Hall which have in the region of forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Northop Hall is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Northop Hall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Northop Hall Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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How is the lease structured? What is the name of the managing agents? The answer will be important as a) areas may result in problems in the block as the common areas may begin to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the managing agents you will want to know about it
My fiance and I are purchasing a three bedroom maisonettein Northop Hall with a home loan from a mortgage company. We have selected a solicitor in Northop Hall however our bank advise she’s not on their "panel". It seems we have little choice but to instruct from the our bank panel solicitors or stay with our Northop Hall solicitor and incur the extra fees for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that our mortgage company use our Northop Hall lawyer?
No, not really. The bank home loan offered to you is subject to conditions, one of which will be that lawyers will on the lender's conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels, including almost all conveyancing solicitors in Northop Hall : 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your bank.