I own a freehold residence in Old Ford yet charged rent, why is this and what is this?
It’s unusual for properties in Old Ford and has limited impact for conveyancing in Old Ford 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 creation of new 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 in 2037 is to be dispensed with completely.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Old Ford with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC 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 transaction.
We have agreed to purchase a house in Old Ford. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
As your lender is Kent Reliance your lawyer must comply with the formal instructions outlined in Section two of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and lawyers are required to report to Kent Reliance where a lease does not comply with these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Old Ford.
I have decided to exercise my right to buy my property in Old Ford off the council. I have a mortgage offer with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
Intending to buy a apartment in Old Ford. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Old Ford conveyancer is on the Nottingham conveyancing panel.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when acquiring a property in Old Ford?
Unless a previous acquisition of the property completed post 12 October 2013 you can take it that conveyancing practitioners delivering conveyancing in Old Ford to remain encouraging a chancel search and or insurance against a claim.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Old Ford is the location of the property. What do you suggest?
Flying freeholds in Old Ford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Old Ford you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Ford 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 am employed by a long established estate agency in Old Ford where we have experienced a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Old Ford conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Old Ford. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the price payable.
An example of a Freehold Enfranchisement case for a Old Ford property is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.