I purchased a freehold house in Shipley yet charged rent, why is this and what is this?
It’s unusual for properties in Shipley and has limited impact for conveyancing in Shipley 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I have decided to exercise my right to buy my property in Shipley off the council. I have a mortgage agreed with HSBC. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
The mortgage over my property is with Virgin Money for my property in Shipley. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
The formalities of my purchase has taken place for my property in Shipley. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Will our conveyancer be making enquiries concerning flooding during the conveyancing in Shipley.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Shipley. There are those who purchase a house in Shipley, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that may be carried out by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Shipley. The conventional set of information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out whether the property has ever been flooded. In the event that flooding has previously occurred and is not notified by the owner, then a buyer may commence a claim for damages as a result of such an incorrect reply. A purchaser’s lawyers may also commission an enviro report. This will disclose whether there is a recorded flood risk. If so, further investigations should be carried out.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Shipley is the location of the property. What do you suggest?
Flying freeholds in Shipley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shipley 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 Shipley may decide 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.
What makes your site different to alternative web based conveyancing solicitors when it comes to conveyancing in Shipley?
At this site get an accurate costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Shipley. As opposed to estate agents and brokerage sites we are not in the business of charging firms a fee if you choose them for your conveyancing in Shipley
Can you provide any advice for leasehold conveyancing in Shipley from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Shipley can be avoided where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers. If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Shipley leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you fail to have the consents in place you should not communicate with the landlord without contacting your solicitor before hand. If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Organising a replacement share certificate can be a lengthy formality and delays many a Shipley conveyancing transaction. If a new share certificate is needed, do contact the company officers or managing agents (if relevant) for this sooner rather than later. You believe that you know the number of years remaining on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is less than 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved.
I invested in buying a split level flat in Shipley, conveyancing formalities finalised 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Shipley with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2076
With just 50 years left to run the likely cost is going to span between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.