I am hoping to receive a offer of a home loan from Nat West. My intention is to use a Licensed Conveyancer in Poringland. Does the Nat West Conveyancing panel include Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I purchased a freehold property in Poringland yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Poringland and has limited impact for conveyancing in Poringland 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 fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
We're in Poringland, First time buyers buying with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
I opted to have a survey done on a house in Poringland in advance of appointing solicitors. I have been informed that there is a flying freehold element to the house. My surveyor advised that some banks will refuse to give a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Poringland. Conveyancing may be slightly more expensive based on your lender's requirements.
What advice can you give us when it comes to finding a Poringland conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Poringland conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Poringland conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
What are the charges for lease extension work?
I am the registered owner of a garden flat in Poringland, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Poringland with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2098
With only 80 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed 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 considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.