It has come to my attention via my mortgage broker that my Whitworth the law firm I have appointed is not on the mortgage company Conveyancing panel. What can I do to be certain if this is indeed the case?
The best course of action for you to take is to contact your Whitworth lawyer directly. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they may be able to suggest a Whitworth conveyancing firm that is on the approved list of lawyers for your bank.
I own a freehold property in Whitworth but nevertheless charged rent, why is this and what is this?
It is rare for properties in Whitworth and has limited impact for conveyancing in Whitworth 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 generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I had intended to instruct a conveyancing solicitor in Whitworth for our house purchase. Our broker has since advised us that our bank Yorkshire Building Society won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Whitworth conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms regarding their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Whitworth conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Whitworth is one of the many areas where the conveyancers we list are are authorised to act for Yorkshire Building Society.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a residence in Whitworth?
Unless a previous purchase of the premises completed post 12 October 2013 you can take it that solicitors delivering conveyancing in Whitworth to remain recommending a chancel search and or chancel repair liability policy.
I am looking for a ground for flat up to £195,000 and found one near me in Whitworth I like with a park and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in Whitworth in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Looking forward to complete next month on a ground floor flat in Whitworth. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Whitworth should include some of the following:
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What options are open to you if a neighbour breaches a clause of their lease? The physical extent of the premises. This might be the flat itself but could also incorporate a loft or cellar if appropriate. Changes to the flat Does the lease prevent you from renting out the flat, or working from home Does the lease prohibit wood flooring?
Whitworth Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
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It is important to be aware if fixing the lift or some other significant cost is pending to be shared between the leaseholders and may well dramatically increase the the maintenance charges or require a specific invoice. How many of the leaseholders are in arrears for their maintenance charge payments? Please note if it is less than 80 years it will impact the salability of the flat. It is worth checking with your bank that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you will be required to have been the owner of the residence for two years before you are eligible to extend the lease.