I am the registered owner of a freehold property in South Hornchurch but still pay rent, why is this and what is this?
It is rare 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 have existed for hundreds of years, 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 post 2037 is to be dispensed with completely.
I am mortgaging my house in South Hornchurch, does my lawyer need to be on the RBS Solicitor panel?
In theory, you could use a solicitor that is not on the RBS conveyancing panel, but RBS 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 conveyancing matter.
My lawyer has informed me that lack of building regulations insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in South Hornchurch?
The right level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Halifax and The Mortgage Works. Conveyancing solicitors as opposed to borrowers take out such insurances.
I am expecting a AIP from TSB this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any South Hornchurch solicitors on the TSB 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 TSB conveyancing panel. The solicitor represents both you and TSB through the process.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local South Hornchurch building society branch on a couple of occasions and was advised it wasn't an issue and they will lend. My South Hornchurch conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The property lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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.
I am looking for a ground for flat up to £195,000 and identified one close by in South Hornchurch I like with open areas and railway links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in South Hornchurch in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I am looking to sell my house. My former conveyancers closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in South Hornchurch if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in South Hornchurch. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
Last February I purchased a leasehold property 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Having spent years of negotiations we cannot 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?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to decide the sum to be paid.
An example of a Lease Extension matter before the tribunal for a South Hornchurch property 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 related to 1 flat. The unexpired residue of the current lease was 57.5 years.