I own a freehold property in Hertfordshire yet pay rent, why is this and what is this?
It is rare for properties in Hertfordshire and has limited impact for conveyancing in Hertfordshire 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 generation of fresh 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 post 2037 is to be dispensed with completely.
I am looking to buy a property and need a conveyancing solicitor in Hertfordshire who is on the Nationwide Building Society solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nationwide Building Society in certain locations such as Hertfordshire. We dont recommend any particular firm.
We had instructed conveyancing lawyers with offices in Hertfordshire on the Co-operative solicitor approved list. They have just invoiced me a separate amount for dealing with the Co-operative mortgage. Is this a supplemental conveyancing fee set by Co-operative?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancer may charge a fee for this. This charge is not set by Co-operative but by your Hertfordshire conveyancing practitioner. Plenty of firms on the Co-operative panel will charge an ‘acting for lender’ fee but many practices include it on their overall fee.
I was told two weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Hertfordshire is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
My offer on a semi in Hertfordshire has been accepted, but there is a chain. The sellers have offered on a property, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have instructed a local conveyancing solicitor in Hertfordshire. What do I do now? At what stage should I apply for the mortgage with Lloyds?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Hertfordshire conveyancing search charges, etc). First, you must ensure that your lawyer is on the Lloyds conveyancing panel. Regarding the next steps this very much depends on the circumstances of your case, attraction to this property and on the state of the market. In a buoyant market some buyers would apply for the mortgage with Lloyds and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
Are there restrictive covenants that are commonly identified during conveyancing in Hertfordshire?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Hertfordshire. 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…’
Harry (my fiance) and I may need to rent out our Hertfordshire basement flat temporarily due to a career opportunity. We instructed a Hertfordshire conveyancing practice in 2002 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Hertfordshire conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek consent via your landlord or other appropriate person prior to subletting. This means that you cannot sublet in the absence of prior permission. Such consent should not be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord for their consent.
Hertfordshire Leasehold Conveyancing - Sample of Queries before buying
Its a good idea to find out as much as you can concerning the company managing the building as they will either make your living at the property much easier or much more difficult. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the upkeep of the common parts. You should not be shy to ask prospective neighbours if they are happy with them. On a final note, find out the dates that the service charges are due to the appropriate party and precisely what it includes. How much is the ground rent and service charge? If a Hertfordshire lease has no more than eighty years it will affect the marketability of the flat. It is worth checking with your lender that they are happy with residual term of the lease. A short lease means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the premises for 24 months before you are eligible to exercise a lease extension.