We were just about to sign contracts for a freehold house in Bishopsworth. We have hit a stumbling block. The mortgage offer with TSB runs out on 8/12/2021 but the owners are putting forward a completion date of 10/12/2021. Is it possible to prolong the loan offer?
The person best placed to deal with your question is your lawyer who will calculate whether he or she is should be discussing with the lender, vendor’s solicitors, selling agents or conceivably all three taking into account the circumstances your house move to date.
I own a freehold residence in Bishopsworth yet pay rent, why is this and what is this?
It’s unusual for properties in Bishopsworth and has limited impact for conveyancing in Bishopsworth 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 new 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 after 2037 will be extinguished.
My lawyer in Bishopsworth is not on the Virgin Money Approved Panel. Is it possible for me to continue with my family solicitor even though they are excluded from the Virgin Money approved list?
The limited options open to you here include:
- Complete the purchase with your existing Bishopsworth solicitors but Virgin Money will need to retain a lawyer on their list of acceptable firms. This will result in additional total conveyancing fees and cause delays.
- Find an alternative practitioner to act in the conveyancing, remembering to check they are on the Virgin Money panel
Is there a list of TSB panel solicitors in Bishopsworth on the Building Society Association’s Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings available over the internet. Where you are looking for a Bishopsworth lawyer on the TSB please make the most of our facility.
I have a mortgage with Clydesdale for my property in Bishopsworth. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
Clydesdale must be informed of your intention prior to renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
I am selling my apartment. I had a double glazing fitted in March 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Skipton are being a right pain. The Bishopsworth solicitor who is on the Skipton conveyancing panel is saying indemnity insurance will be fine but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton 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.
I am looking at a two maisonettes in Bishopsworth both have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Bishopsworth is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bishopsworth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Bishopsworth Leasehold Conveyancing - A selection of Questions you should ask before buying
Is there a share of the freehold? On the whole the outlay for major works tend not to be included within service charges, albeit that some managing agents in Bishopsworth require leasehold owners to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance. Are any of leasehold owners in dispute over their service charge payments?