We are acquiring a newly constructed flat in Hull and my conveyancer is informing me that she has to the lender to disclose incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold house in Hull but still pay rent, why is this and what is this?
It is rare for properties in Hull and has limited impact for conveyancing in Hull 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 establishment of fresh rentcharges post 1977.
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 extinguished.
I am buying a property in Hull. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Bank of Ireland be concerned?
Given that your lender is Bank of Ireland your lawyer must follow the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Bank of Ireland where a lease fails to comply with these specifications. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Hull.
I am currently in the process of buying my council flat in Hull. I have a mortgage agreed with Lloyds. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
I have a mortgage with Aldermore for my property in Hull. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
You must advise Aldermore in advance of renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
Are there restrictive covenants that are commonly picked up during conveyancing in Hull?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Hull. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a flat up to £245,000 and found one close by in Hull I like with amenity areas and station nearby, however it only has 52 remaining years left on the lease. There is not much else in Hull suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
How can the Landlord & Tenant Act 1954 impact my business property in Hull and how can your lawyers assist?
The 1954 Act gives protection to commercial lessees, granting the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Hull