I purchased a freehold property in Warwickshire yet pay rent, why is this and what is this?
It’s unusual for properties in Warwickshire and has limited impact for conveyancing in Warwickshire 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 establishment of fresh rentcharges post 1977.
Previous 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.
I happen to be the single beneficiary of my late mum's will and I have everything in my name now, including the my former home in Warwickshire. The Warwickshire property was put into my name in December. I plan to dispose of the property. I do know about the CML 6 month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the house in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view lenders take of it, depend on the lender as this obligation is principally there to pick up on the purchase and immediately sell or the quick reselling of property.
I have decided to exercise my right to buy my property in Warwickshire off the council. I have a mortgage offer with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Warwickshire building society branch on numerous occasions and was told it wasn't an issue and they would lend. My Warwickshire conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
We are downsizing from our house in Warwickshire and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A high street Warwickshire conveyancer would know that there is no such problem. For the life of me I don't know why the buyers instructed a nationwide conveyancing firm rather than a conveyancing solicitor in Warwickshire. We have lived in Warwickshire for six years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You should enquire of 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 ailment)
It has been 2 months since my purchase conveyancing in Warwickshire completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Do you have any advice for leasehold conveyancing in Warwickshire from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Warwickshire can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers’ conveyancers. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Warwickshire state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you dont have the paperwork in place you should not communicate with the landlord without checking with your solicitor in advance. The majority of landlords or Management Companies in Warwickshire charge for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Warwickshire. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.
Leasehold Conveyancing in Warwickshire - Sample of Questions you should consider Prior to Purchasing
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Who are the managing agents? Please tell me if there are any major works anticipated that will likely add a premium to the maintenance fees? Does the lease have more than 80 years left?
My wife and I have recently appointed a conveyancing solicitor in Warwickshire. I I would like to check if they are on the lender's approved list of lawyers. Could you advise?
It’s a good idea contact your solicitor and ask them if they are on the bank's approved list. If that does not help get in touch with us and we can make some checks for you. Should the firm not be on the conveyancing panel we we can help find a quality conveyancing solicitor in Warwickshire on the approved list for your lender.