I own a freehold residence in Yatton but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Yatton and has limited impact for conveyancing in Yatton 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 creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Completion of my purchase has taken place for my property in Yatton. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved 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 with full details of your complaint.
I am selling my flat. I had a double glazing fitted in July 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Kent Reliance are being pedantic. The Yatton solicitor who is on the Kent Reliance conveyancing panel is recommending indemnity insurance as a solution but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Our offer on a detached house in Yatton has been accepted, but there is a chain. The vendors have offered on on an apartment, but it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a local conveyancing solicitor in Yatton. What do I do now? At what point should I apply for the mortgage with Aldermore?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx £1k, then valuation, Yatton conveyancing search charges, etc). The first thing to do is check that your lawyer is on the Aldermore approved list. Concerning the subsequent stages this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. During a rising market some buyers would apply for the mortgage with Aldermore and pay for the valuation and only if it was satisfactory would they ask their conveyancer to proceed with searches.
Various web forums that I have visited warn that are the number one cause of hinderance in Yatton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Yatton.
I am buying a new build apartment in Yatton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Yatton
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Due to the advice of my in-laws I had a survey completed on a property in Yatton ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Yatton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Yatton to see if the conveyancing costs will increase in light of this.
Are there frequently found deficiencies that you come across in leases for Yatton properties?
There is nothing unique about leasehold conveyancing in Yatton. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a 1st floor flat in Yatton, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Yatton with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2086
With only 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do 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 you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.