I am the registered owner of a freehold house in Stanwick yet charged rent, why is this and what is this?
It is rare for properties in Stanwick and has limited impact for conveyancing in Stanwick 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Melton Mowbray Building Society conveyancing panel for example in Stanwick?
We have not been informed any plans on the part of the BSA to develop such a register.
I'm the only recipient of my late mum's estate and I have everything in my name now, including the my former home in Stanwick. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view mortgage companies take of it, depend on the lender as this clause primarily exists to identify subsales or the wholesaling and assigning of property.
I am currently in the process of buying my council flat in Stanwick. I have a mortgage offer with UBS. 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 UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
At last I have had an offer on an apartment in Stanwick agreed to, but there is a chain. The owners have offered on a property, but it’s not yet tied up, and are looking at other apartments booked. I have chosen a bricks and mortar conveyancing solicitor in Stanwick. What do I do now? When should I get the mortgage application with Nottingham started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then survey, Stanwick conveyancing search charges, etc). The first thing to do is check that your solicitor is on the Nottingham approved list. Regarding the next steps this very much depends on the specifics of your case, motivation for this property and on the state of the market. In a buoyant market many purchasers would apply for the mortgage with Nottingham and pay for the valuation and only if it comes back ok would they request their conveyancer to move forward with searches.
How does conveyancing in Stanwick differ for new build properties?
Most buyers of new build premises in Stanwick contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Stanwick typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stanwick or who has acted in the same development.
How easy is it to use the search tool to get a fee calculation from a conveyancing lawyer in Stanwick on the authorised to act for my mortgage?
First choose a bank such as Nationwide Building Society, Norwich and Peterborough Building Society or Clydesdale then choose your preferred area e.g. Stanwick. Conveyancing practices in Stanwick and beyond will then be listed.
I have just appointed agents to market my garden flat in Stanwick. Conveyancing is yet to be initiated, but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal as all ground rent and service invoices should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a 1 bedroom flat in Stanwick, conveyancing formalities finalised in 2009. Can you work out an approximate cost of a lease extension? Equivalent properties in Stanwick with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease ends on 21st October 2080
With 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be 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 based on this information without first getting professional advice.