I am the registered owner of a freehold house in Grays but still pay rent, why is this and what is this?
It is rare for properties in Grays and has limited impact for conveyancing in Grays 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
How do I investigate if the solicitor handling my conveyancing in Grays is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Britannia thus spending £192.00 in further legal fees.
You should take advantage of the search tool on this page. Please choose the mortgage company and type ‘Grays’ or your location and you will see a number of lawyer based in Grays or nearest you.
I'm buying my first flat in Grays with a loan from Barclays . The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my conveyancer about the deal as it may adversely affect my loan with Barclays . Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Grays I like with a park and transport links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Grays suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Can you provide any advice for leasehold conveyancing in Grays with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Grays can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers’ lawyers. Some Grays leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a duplicate share certificate can be a lengthy process and frustrates many a Grays home move. If a reissued share is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. The majority of freeholders or Management Companies in Grays levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Grays.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Grays conveyancing firm to act on my behalf?
Most definitely. We can put you in touch with a Grays conveyancing firm who can help.
An example of a Lease Extension case for a Grays premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired term as at the valuation date was 76 years.
Our conveyancer in Grays has discovered a a problem with the lease for the flat we are purchasing in Grays. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.