I own a freehold residence in West Molesey but still pay rent, why is this and what is this?
It’s unusual for properties in West Molesey and has limited impact for conveyancing in West Molesey 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 establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My Solicitor in West Molesey has never been on on the Godiva Mortgages Ltd Conveyancing Panel. Is it possible for me to continue with my family solicitor even though they are not on the Godiva Mortgages Ltd list of approved lawyers?
Your options are as follows:
- Carry on with your preferred West Molesey lawyers but Godiva Mortgages Ltd will need to use a conveyancer on their list of acceptable firms. This will result in additional overall legal fees and cause delays.
- Choose an alternative practitioner to to deal with the purchase, not forgetting to check they are Godiva Mortgages Ltd approved.
- Try to convince your Godiva Mortgages Ltd solicitor to attempt to join the Godiva Mortgages Ltd panel
Forgive me if this question is silly but I am wet behind the ears as FTB of a two bedroom flat in West Molesey. Do I receive the keys to the premises on the completion date from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in West Molesey?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s conveyancers, and once they have received this, you should be able to pick up the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
The formalities of my purchase has taken place for my property in West Molesey. Conveyancing was a necessary evil but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local West Molesey bank branch on various occasions and was told it wasn't an issue and they will lend. My West Molesey conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I simply don't know who is right.
As long as the conveyancer is on the mortgage company approved list, they must adhere to the CML Handbook conditions for the bank. 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I need to retain a conveyancing solicitor for remortgage conveyancing in West Molesey. I've stumble across a web site which seems to have the ideal solution If there is a chance to get all the legals done via web that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a two maisonettes in West Molesey both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in West Molesey is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with West Molesey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in West Molesey. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a West Molesey conveyancing firm who can help.
An example of a Lease Extension decision for a West Molesey premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.
Some weeks ago I was told by my mortgage company that their approved solicitors operate no completion no fee basis for conveyancing in West Molesey. My purchase fell through yet the lawyers have invoiced for search fees! They are stating that the fees are seperate!
West Molesey conveyancing search fees are separate expenses not legal costs as these are payable to independent parties.