I purchased a freehold premises in Wool yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Wool and has limited impact for conveyancing in Wool 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
What happens if my solicitor is expelled from the Nationwide Solicitor panel ahead of completing my conveyancing in Wool?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Wool?
Two types of professional can carry out conveyancing in Wool namely CLC regulated conveyancers or solicitors. Both professionals administer conveyancing services that required to complete the disposal or purchase of property. They are both required to execute Wool conveyancing to the same standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly conducted and that the necessary procedures will be suitably followed.
Are all Wool Conveyancing Quality Solicitors on the Lloyds conveyancing list of approved solicitors?
Some major lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
I can not work out if my lender requires a lease extension. I have called into my local Wool bank branch on various occasions and was informed it wasn't an issue and they will lend. My Wool conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
Provided that the conveyancer is on the mortgage company panel, they must comply with the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 left on the lease.
I opted to have a survey done on a house in Wool prior to instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies may not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wool. Conveyancing may be slightly more expensive based on your lender's requirements.
Having checked my lease I have discovered that there are only Sixty One years left on my flat in Wool. I now wish to extend my lease but my landlord is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the landlord. For most situations an enquiry agent may be useful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Wool.
I bought a ground floor flat in Wool, conveyancing was carried out 10 years ago. How much will my lease extension cost? Equivalent flats in Wool with a long lease are worth £201,000. The ground rent is £45 yearly. The lease terminates on 21st October 2090
With 64 years left to run we estimate the price of your lease extension to be between £15,200 and £17,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
We are in the process of purchasing a apartment in Wool. Can the solicitor have the amount we are are buying for confidential from sites such as Rightmove. How do I ensure this is not revealed?
The Land Registry are legally required to disclose price paid data on the official title for domestic properties countrywide which includes homes in Wool. The Title Register is an open document, so HMLR would be breaking the law if they did not permit access to the register.
In essence you can ask the Land Registry to hide the price paid data however the response will be in the negative.