I am getting closer to an exchange on a flat in St Agnes and my parents have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has not come from me my solicitor needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is obliged to check with lender to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold property in St Agnes but still invoiced for rent, why is this and what is this?
It is rare for properties in St Agnes and has limited impact for conveyancing in St Agnes 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 establishment of new rentcharges from 1977 onwards.
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.
Do the Building Society Association intend to launch a online directory to to identify law firms on the Norwich and Peterborough Building Society conveyancing panel for instance in St Agnes?
We would not expect to be advised of any plans on the part of the BSA to develop such a search facility.
I decided to have a survey carried out on a property in St Agnes prior to instructing lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some lenders will refuse to give a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Agnes. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Agnes to see if the conveyancing will be more expensive.
I have been pointed in your direction by a number of selling agents in St Agnes to choose a conveyancer on your site. Is there a financial upside for Estate Agents to recommend your services ahead of another?
We refuse to give any commission for sending work to this site. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have recently realised that I have 72 years remaining on my lease in St Agnes. I now want to get lease extension but my landlord is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to locate the freeholder. For most situations an enquiry agent would be useful to carry out a search and prepare a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing St Agnes.
I invested in buying a studio flat in St Agnes, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in St Agnes with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2084
With 58 years left to run the likely cost is going to range between £23,800 and £27,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.