I am hoping to receive a offer of a home loan from Nat West. I intend to employ the services of a Licensed Conveyancer in Stourbridge. Does the Nat West Conveyancing panel exclude conveyancers regulated by the CLC?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are nearing an exchange on a house in Stourbridge and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is duty bound to check with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold house in Stourbridge but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Stourbridge and has limited impact for conveyancing in Stourbridge 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 many centuries, but the Rent Charge Act 1977 barred the creation of new 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 in 2037 is to be dispensed with completely.
Just had an offer accepted on a new build apartment in Stourbridge. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stourbridge
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Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Stourbridge is the location of the property. What do you suggest?
Flying freeholds in Stourbridge are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stourbridge you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stourbridge may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I've recently bought a leasehold house in Stourbridge. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. It is an essential part 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).
I acquired a garden flat in Stourbridge, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Stourbridge with an extended lease are worth £221,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2096
With only 70 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.