I am the registered owner of a freehold premises in Yardley but nevertheless charged rent, why is this and what is this?
It is rare for properties in Yardley and has limited impact for conveyancing in Yardley 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Yardley. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Nottingham, pay off the mortgage. Is this allowed?
If you intend to refinance then Nottingham will require that you use a conveyancer on the Nottingham conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nottingham conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nottingham mortgage is registered as a charge at the Land Registry.
I just bought a house at auction in Yardley. Conveyancing is needed. What happens now?
Given that you are now legally bound yourself to purchase you will need to find a conveyancing solicitor as a matter of priority as you are facing a pending deadline in which to complete the conveyancing. Every auction property will ordinarily have an associated legal pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You need to pass this on to the conveyancer instructed by you ASAP. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
My fiancee and I are in the throws of viewing apartments in Yardley and I am now considering a potential offer. Is it wise to have my solicitor on ‘stand by’? I will be getting a mortgage with Coventry BS.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Yardley bank branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Yardley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Provided that the lawyer is on the bank panel, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the 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 remaining.
I need some quick conveyancing in Yardley as I have a deadline to sign on the dotted line inside one month. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not getting a mortgage you have the choice not to do searches although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in Yardley the following are instances of what can show up and adversely affect future saleability: Enforcement Notices, Overdue Charges, Outstanding Grants, Railway Schemes,...
Due to the guidance of my in-laws I had a survey completed on a house in Yardley before instructing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks may not issue a mortgage on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Yardley. Conveyancing may be slightly more expensive based on your lender's requirements.
All being well we will complete the disposal of our £350,000 maisonette in Yardley on Monday in a week. The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Yardley?
Yardley conveyancing on leasehold flats often requires the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are entitled to levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality one has no option but to pay whatever is requested of you should you wish to sell the property.
I own a studio flat in Yardley, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Yardley with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2080
With 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.