The housing market in Yardley is heating up. What can be done to hasten the conveyancing process?
First, If the seller is applying time constraints to exchange it is advisable to make sure that your conveyancer is familiar with the location as they will have local relationships and insight. It is even conceivable that they would have conducted otherhomes in the same neighbourhood. You would be best advised to use a Yardley conveyancing firm. In addition, check that the conveyancing firm is on the member panel. It is estimated that just under twenty per cent of Yardley conveyancing deals are delayed or derailed after finding out that a purchaser’s lawyer was not on their mortgage lender’s list of approved solicitors. This can often result in the transaction being delayed by almost three weeks. It is claimed that this issue impacts in the region of one hundred thousand home sales every year. Many Yardley conveyancing firms can not represent certain mortgage companies so do check as early as possible.
I am the registered owner of a freehold residence in Yardley but still charged rent, why is this and what is this?
It’s unusual 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 establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My grandfather passed away last year and as sole heir and executor I was left the house in Yardley. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Co-operative will require that you use a conveyancer on the Co-operative 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 Co-operative 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 Co-operative mortgage is registered as a charge at the Land Registry.
I am helping my sister sell her flat in Yardley. Does the conveyancing solicitor commission an energy performance certificate or do I organise this?
After the abolition of HIPs, energy performance certificates was retained a compulsory component of selling a property. An EPC must be to hand in advance of the property being advertised. It is not a task that lawyers normally organise. If you are instructing a Yardley conveyancing lawyer they might help arrange energy performance certificates given their relationships with reputable local assessors
Does a directory service exist listing Nottingham panel solicitors in Yardley on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association sites. A small selection of banks make their panel listings open the public on the web. If you are looking for a Yardley conveyancing practitioner on the Nottingham please make the most of our tool.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Yardley conveyancing practitioner on the TSB panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Yardley is where the house is located. Is there any advice you can impart?
Flying freeholds in Yardley are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Yardley you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yardley may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am on look out for some leasehold conveyancing in Yardley. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Yardley - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a leasehold flat in Yardley, conveyancing formalities finalised in 2009. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Yardley with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2100
With only 76 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues 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 based on this information without first getting professional advice.