I purchased a freehold house in Spondon but still pay rent, why is this and what is this?
It’s unusual for properties in Spondon and has limited impact for conveyancing in Spondon 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.
Old rentcharges can now be extinguished 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'm in the throws of viewing apartments in Spondon and I am about to put in an offer. Should I already have a conveyancer in place at this point? I will be getting a home loan with Clydesdale.
It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are getting a mortgage with Clydesdale, ask your prospective lawyers if they are on the Clydesdale conveyancing panel otherwise they can't do the mortgage legal work.
It is not clear whether my bank requires a lease extension. I have called into my local Spondon bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Spondon conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend based on their published requirements. I simply don't know who is right.
The solicitor has to follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
TSB have agreed my home loan in principle, my bid on a apartment in Spondon has been agreed to, what happens next?
Your estate agent will wish to know who your solicitors are (make sure the lawyers are on the bank’s panel). Call up TSB or your broker and complete any relevant documentation. TSB will instruct a valuer who will get in contact with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. TSB will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Spondon.
My wife and I are close to exchanging contracts on the sale of our property in Spondon and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A local lawyer would know this is not the case. It does beg the question why the buyers are using an online conveyancing practice rather than a conveyancing solicitor in Spondon. We have lived in Spondon for three years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain clarification need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am buying a new build house in Spondon with a mortgage from Alliance & Leicester . The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my conveyancer about this deal as it may adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Is there anything unique about your site and alternative internet conveyancing solicitors when it comes to conveyancing in Spondon?
At this site receive a conveyancing quote via a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Spondon. Unlike many estate agents and brokerage sites we are not in the business of charging firms a fee if you select them for your home move in Spondon
Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Spondon. I now want to get lease extension but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the landlord. For most situations an enquiry agent should be helpful to try and locate and to produce an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Spondon.
I bought a garden flat in Spondon, conveyancing having been completed July 2008. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Spondon with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2090
You have 64 years unexpired we estimate the premium for your lease extension to span between £14,300 and £16,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.