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Find a Forty Hill Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Forty Hill? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Forty Hill conveyancing at risk of delay or failure.

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Recently asked questions about conveyancing in Forty Hill

I am the registered owner of a freehold property in Forty Hill but nevertheless pay rent, why is this and what is this?

It is rare for properties in Forty Hill and has limited impact for conveyancing in Forty Hill 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 creation of new rentcharges post 1977.

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

About to place a bid on a leasehold apartment in Forty Hill. The estate agents say that it is normal for flats in Forty Hill to have less than 75 years unexpired on the lease. I am taking out a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has Seventy One years to go.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/4/2019 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term. Report to the issuing office if the lease term is shorter than that stated within the Offer and has less than 100 years remaining.(There is no requirement to report if the lease term is lower than that stated on the Offer but still has 100 years or more to run, or if the lease term is longer than that stated on the Offer).

NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.

I have justbecome aware that Wolstenholmes have been shut down. They carried out my conveyancing in Forty Hill for a purchase of a leasehold flat 12 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?

The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Forty Hill conveyancing specialists.

I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Forty Hill is the location of the property. Can you shed any light on this issue?

Flying freeholds in Forty Hill are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Forty Hill you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Forty Hill may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.

Is it simple use the search tool to select a conveyancing practitioner in Forty Hill on the authorised to act for my bank?

1st pick a mortgage company such as Accord Mortgages Ltd, The Mortgage Works or Clydesdale then type in your preferred area such as Forty Hill. Conveyancing firms in Forty Hill and beyond should be shown.

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Find out more about how flying freehold can affect your the value of a property.