I own a freehold house in Alvaston but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Alvaston and has limited impact for conveyancing in Alvaston 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 creation of fresh rentcharges post 1977.

Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.

We previously selected solicitors located in Alvaston on the TSB solicitor approved list. They are now charging me a supplemental charge for the legal aspects of the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?

Provided it is contained in their Terms and Conditions or estimate then yes your solicitor can charge a fee for this. This fee is not set by TSB but by your Alvaston solicitor. Plenty of firms on the TSB panel will charge ’dealing with mortgage’ fee and others do not.

It is unclear whether my bank requires a lease extension. I have called my Alvaston bank branch on numerous occasions and was told they are content with the situation and they will lend. My Alvaston conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.

Provided that the lawyer is on the bank approved list, they must adhere to the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.

Barclays have agreed my home loan in principle, my offer on a flat in Alvaston has been agreed to, now what?

The estate agent will wish to be advised as to your property lawyer's details (ensure that the conveyancers are on the bank’s panel). Contact Barclays or your broker and finalise any relevant documentation. Barclays will instruct a valuer who will get in contact with the estate agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes about a week to get a mortgage offer. Barclays will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Alvaston.

Just acquired a semi-detached house in Alvaston , how long should it take for the Land Registry to record the transfer to my name? My Alvaston conveyancing solicitor has been very slow, so I want to be certain that my ownership is registered.

As far as conveyancing in Alvaston is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether there are errors and if the Land registry communicate with any 3rd persons or bodies. At present in the region of 80% of such applications are fully addressed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration occurs after the buyer is living at the premises therefore registration formalities is not usually top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.

Is it best to instruct a Alvaston conveyancing solicitor who is local to the property I am buying? I have an old university friend who can conduct the conveyancing however his firm is located 200kilometers away.

The benefit of a local Alvaston conveyancing practice is that you can visit the firm to execute documents, deliver your ID and pester them where appropriate. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and on the whole were impressed that must surpass using an unfamiliar Alvaston conveyancing lawyer just because they are based in the area.

Expecting to exchange soon on a studio apartment in Alvaston. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Alvaston should include some of the following:

Do you need to have carpet in the flat or are you allowed wood flooring? Where does the liability rest for repairing the window frames An explanation as to the provision in the lease to pay service charges - in respect of the block, and the wider rights a leaseholder enjoys Where does the liability rest to repair and maintain the block. It is essential for you to know who is duty bound to repair and maintenance of every part of the building The physical ownership of the property. This might be the flat itself but may incorporate a roof area or basement if appropriate.

Alvaston Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

Are there any major works anticipated that will add a premium to the service fees? The majority of Alvaston leasehold apartments will have a service charge for maintenance of the block set on behalf of the management company. If you purchase the apartment you will have to meet this amount, normally quarterly throughout the year. This can differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a ground rent to be met yearly, ordinarily this is not a exorbitant figure, say approximately £25-£75 but you should to check as occasionally it can be many hundreds of pounds. The prefered form of lease structure is where the freehold title is owned by the leaseholders. In this scenario the lessees enjoy being in charge if their destiny and although a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent is directed by the tenants.