I am the registered owner of a freehold premises in South Hornchurch but still pay rent, why is this and what is this?
It’s unusual for properties in South Hornchurch and has limited impact for conveyancing in South Hornchurch 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 creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am considering applying for a Coventry BS mortgage for purchase of a new build (under development) in South Hornchurch with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS 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.
My conveyancer has informed me that lack of building regulations insurance is required on my purchase. What is the level of cover for South Hornchurch conveyancing?
The right level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and The Royal Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
I am expecting a DIP from Barclays this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any South Hornchurch solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint South Hornchurch solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
It is not clear whether my lender requires a lease extension. I have telephoned my South Hornchurch bank branch on a couple of occasions and was told they are content with the situation and they will lend. My South Hornchurch conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their specific requirements. I have no idea who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in South Hornchurch I like with amenity areas and railway links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in South Hornchurch in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am looking to sell my property. My previous lawyers has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in South Hornchurch if that makes a difference.
You should use our search tool to help you find a solicitor for your conveyancing in South Hornchurch. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
Last February I purchased a leasehold house in South Hornchurch. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in South Hornchurch. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a South Hornchurch conveyancing firm who can help.
An example of a Lease Extension case for a South Hornchurch flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired residue of the current lease was 57.5 years.