I am the registered owner of a freehold premises in Morecambe but nevertheless pay rent, why is this and what is this?
It is rare for properties in Morecambe and has limited impact for conveyancing in Morecambe 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 from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We're in Morecambe, First time buyers purchasing with a mortgage (lender is Yorkshire BS , and our lawyer is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to lenders such as Co-operative, do Morecambe lawyers have to pay an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Does a directory service exist listing Aldermore panel solicitors in Morecambe on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings viewable over the internet. If you are seeking to appoint a Morecambe solicitor on the Aldermore please make the most of our facility.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Morecambe solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Morecambe surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Am I better off to instruct a Morecambe conveyancing lawyer based in the area that I am hoping to buy? We have a good friend who can conduct the legal work however her office is approximately 350kilometers away.
The primary upside of using a local Morecambe conveyancing firm is that you can drop in to execute documents, present your identification documents and pester them if necessary. Having local Morecambe know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that must trump using an unfamiliar Morecambe conveyancing lawyer solely due to them being local.
Looking forward to exchange soon on a garden flat in Morecambe. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Morecambe should include some of the following:
if lease has a provision for a slush fund? Responsibility to repair and maintain the building. It is essential that you know who is duty bound to repair and maintenance of every part of the building How long the lease is. You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years Where does the liability rest for repairing the window frames Will you be prohibited or prevented from having pets in the property?
Leasehold Conveyancing in Morecambe - Examples of Queries Prior to buying
What is the service charge and ground rent on the flat? It would be prudent to enquire if the the lease includes any unreasonable restrictions in the lease. By way of example it is very common in Morecambe leases that pets are not allowed in in a block in Morecambe. If you like the apartmentin Morecambe however your cat can’t live with you then you have a very difficult determination. Please note if it is no more than eighty years it will impact the value of the property. It is worth checking with your bank that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out how much this will be. Remember, in most cases you will be required to have been the owner of the residence for 24 months before you are eligible to extend the lease.