I own a freehold residence in Peckham but still charged rent, why is this and what is this?
It is rare for properties in Peckham and has limited impact for conveyancing in Peckham 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 new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My Conveyancer in Peckham is not listed on the Nottingham Building Society Conveyancing Panel. Is it possible for me to continue with my family solicitor even though they are not on the Nottingham Building Society list of approved lawyers?
The limited options open to you here include:
- Carry on with your existing Peckham solicitors but Nottingham Building Society will need to retain a solicitor on their panel. This will result in additional total legal charges as well as cause delays.
- Choose an alternative practitioner to to deal with the purchase, remembering to check they are Persuade your solicitor to use their best endeavours to join the Nottingham Building Society conveyancing panel
Due to the guidance of my in-laws I had a survey completed on a house in Peckham before retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks will refuse to give a loan on this type of premises.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you contact us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Peckham. Conveyancing may be slightly more expensive based on your lender's requirements.
How do I use your search tool to select a conveyancing practitioner in Peckham on the approved list for my lender?
Step one is to pick a lender such as Lloyds TSB Bank, Leeds Building Society or Barclays Direct then type in your location such as Peckham. Conveyancing firms in Peckham and across England and Wales will then be listed.
Can you provide any advice for leasehold conveyancing in Peckham from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Peckham can be avoided where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers’ representatives. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Peckham leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. Should you fail to have the consents in place you should not contact the landlord without checking with your lawyer in the first instance. Some Peckham leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. The majority of freeholders or Management Companies in Peckham levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Peckham.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Peckham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing landlord or if 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 LVT to judgment on the price.
An example of a Freehold Enfranchisement decision for a Peckham premises is 31 Kings Grove in January 2012. By a claim form issued on 11" August 2011 under action number 1LB01618 in the Lambeth County Court the applicant tenants sought dispensation under section 26 of the Leasehold Reform, Housing and Urban Development Act 1993 from the requirement to serve a notice under section 13 of that Act in order to purchase the freehold of the premises. The Tribunal decided the amount payable for the freehold as £10,728 This case was in relation to 2 flats. The unexpired term as at the valuation date was 80.5 years.
We are purchasing a four bedroom first floor flatin Peckham with a mortgage from a lender. We would like to retain our conveyancer in Peckham but our bank inform us now that he's not listed on their "panel". We have to appoint from the our lender panel solicitors or stay with our Peckham solicitor and pay for one of their panel ones to represent our mortgage company. We feel as though this is unjust; Can we not simply insist that our lender use our Peckham lawyer?
No, not really. The mortgage company home loan offered to you is subject to its terms and conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. in the past, most lenders had open panels, including most conveyancing solicitors in Peckham : 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for your bank.