I purchased a freehold house in Valley but nevertheless pay rent, why is this and what is this?
It is rare for properties in Valley and has limited impact for conveyancing in Valley 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous 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.
We are getting the release of further monies on our mortgage from Aldermore as we wish to carry out improvements to our house in Valley. Are we obliged to appoint a local Valley solicitor on the Aldermore conveyancing panel to deal with the legals?
Aldermore would not normally require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
My wife and I are in the process of viewing houses in Valley and I am about to put in an offer. Is it sensible to have my solicitor on ‘stand by’? I intend to finance via a home loan with HSBC.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are obtaining a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
I am selling my flat. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being problematic. The Valley solicitor who is on the Principality conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality 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.
Various web forums that I have frequented warn that are the number one reason for stalling in Valley conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Valley.
Am I right to be suspicious that estate agents that I am dealing with are suggesting a factory type conveyancing firm rather than a local Valley conveyancing practice?
As is the case with many professional services, often recommendations from relatives can be extremely useful or valuable. Yet there are lots of players in a conveyancing matter; estate agents, financial adviser and lenders might all put forward solicitors to choose. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the recommendation. You are at liberty to appoint your preferred conveyancer. Don't forget that many banks operate an approved list of lawyers you have to use for the mortgage aspect of your house move.
I am employed by a busy estate agency in Valley where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Valley conveyancing solicitors. Could you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a 1st floor flat in Valley, conveyancing having been completed in 1997. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Valley with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2095
You have 69 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information 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. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
Are all Valley solicitors on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can go into your high street bank branch in Valley. the probability is that they will know some good conveyancing solicitors in Valley