I own a freehold residence in Pershore but nevertheless charged rent, why is this and what is this?
It is rare for properties in Pershore and has limited impact for conveyancing in Pershore 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 many centuries, 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 in 2037 is to be dispensed with completely.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Coventry BS Solicitor panel ahead of completing my conveyancing in Pershore?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to mortgage companies such as UBS, do Pershore lawyers face a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all Pershore solicitors on the HSBC conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the HSBC conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel and in that case the practice would be overseen by the CLC.
I have instructed a Pershore lawyer having checked that they are on the Barclays conveyancing panel. Does my lawyer arrange the survey of the property?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays 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 lawyer 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 Pershore postcode. As you are getting a mortgage with Barclays, you could contact them to see if they have a list of approved surveyors in Pershore.
It has been four months following my purchase conveyancing in Pershore completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Taking into account that I will soon spend hundreds of thousands of pounds on a terraced house in Pershore I would like to talk to a lawyer regarding theconveyancing ahead of appointing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you liaising with the lawyer due to be doing your conveyancing in Pershore.There is no ‘factory style conveyancing’ - every client is unique person, not a matter reference. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Pershore should be the figure that you are charged.
What are the frequently found defects that you witness in leases for Pershore properties?
There is nothing unique about leasehold conveyancing in Pershore. Most leases are drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party.
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
I own a garden flat in Pershore, conveyancing was carried out August 1996. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Pershore with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2083
With 58 years remaining on your lease we estimate the price of your lease extension to span between £23,800 and £27,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.