My wife and I are purchasing a new build duplex in Redcar and Cleveland and my lawyer is advising me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to sign contracts and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold property in Redcar and Cleveland yet invoiced for rent, why is this and what is this?
It is rare for properties in Redcar and Cleveland and has limited impact for conveyancing in Redcar and Cleveland 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 new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I happen to be the only beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Redcar and Cleveland. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my property ownership could be considered the same way as if I'd bought the property in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How sensible a view lenders take of it, depend on the mortgage company as this clause is chiefly there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I am buying a property in Redcar and Cleveland. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Skipton be concerned?
Given that your lender is Skipton your lawyer must follow the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Skipton. The CML Handbook contains minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Skipton where a lease fails to comply with these requirements. The conditions relate to the installation of panels on properties countrywide and is not limited to Redcar and Cleveland.
I was told four weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Redcar and Cleveland is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Redcar and Cleveland differ for newly converted properties?
Most buyers of new build premises in Redcar and Cleveland contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Redcar and Cleveland typically purchase the land, 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 property lawyers 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 Redcar and Cleveland or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Redcar and Cleveland in advance of retaining solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies tend refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Redcar and Cleveland. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold house in Redcar and Cleveland. Conveyancing and Barnsley Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Redcar and Cleveland who previously acted has now retired. What should I do?
First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Redcar and Cleveland conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a 1st floor flat in Redcar and Cleveland, conveyancing formalities finalised 3 years ago. How much will my lease extension cost? Similar properties in Redcar and Cleveland with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2083
With just 57 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.