I own a freehold residence in Liverpool but still charged rent, why is this and what is this?
It’s unusual for properties in Liverpool and has limited impact for conveyancing in Liverpool 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 new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My apartment in Liverpool is up for sale and I have a purchaser. Will my need to be required to be on the conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
How can we tell if a Liverpool conveyancing solicitor on the panel is any good?
When it comes to conveyancing in Liverpool obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor carrying out your transaction.
I have paid off my mortgage with . I assume I don't need a Liverpool on the panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the mortgage from the register. , and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where has sent the Land Registry the discharge electronically, and
- has instructed the Land Registry to do so
I have a mortgage with for my property in Liverpool. Conveyancing has been completed months ago. If I am intending 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 ?
Your original mortgage agreement with will provide that you need their approval before letting out your property as this is likely to be a breach of ’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 directly. It should not be necessary to do this via a conveyancing panel solicitor.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Liverpool is the location of the property. Is there any guidance you can give?
Flying freeholds in Liverpool are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Liverpool you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Liverpool 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 property.
Estate agents have just been given the go-ahead to market my 2 bed flat in Liverpool. Conveyancing lawyers have not yet been instructed, but I have recently received a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you clear the maintenance contribution as normal as all ground rent and service invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a ground floor flat in Liverpool, conveyancing formalities finalised in 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Liverpool with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 50
With only 50 years left to run the likely cost is going to range between £36,100 and £41,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues 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.