I am the registered owner of a freehold residence in Yarm yet pay rent, why is this and what is this?

It is rare for properties in Yarm and has limited impact for conveyancing in Yarm 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 many centuries, 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 in 2037 is to be extinguished.

How does conveyancing in Yarm differ for newly converted properties?

Most buyers of new build residence in Yarm contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because builders in Yarm tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Yarm or who has acted in the same development.

We are four weeks into a leasehold purchase having been directed to a firm by the local agent to execute conveyancing in Yarm. We are not happy. Could you help me find new lawyers?

They would need to be really bad to suggest diss instructing them. Has the mortgage been issued? In the event that it has you need to advise them of the new conveyancer and get the offer are issued to the new lawyers. Your new conveyancer should be on the mortgage company panel to avoid supplemental charges and delays. So that should be your first question of the new lawyers. Our search tool can assist you in finding a bank approved solicitor for your conveyancing in Yarm

Planning to sign contracts shortly on a ground floor flat in Yarm. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Yarm should include some of the following:

You should have a good understanding of the insurance provisions You need to be informed what counts as a Nuisance in the lease Information concerning the obligations as set out in the lease to pay service charges - in relation to the building, and the more general rights a tenant enjoys Do you need to have carpet in the flat or are you allowed wood flooring? The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.

I purchased a 1st floor flat in Yarm, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Yarm with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2085

With only 60 years remaining on your lease we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

My brother mentioned that before selecting a conveyancing solicitors they must be approved by your mortgage company. It happens to be my first house move but I have an offer in principle with Virgin Money and I already have a family conveyancing solicitor in Yarm at the ready. Can Halifax insist on an approved solicitor to be instructed? Does a directory of approved solicitors even exist so I can appoint a conveyancing solicitor in Yarm?

You need to use a solicitor that is on the Halifax panel. Just ring your preferred Yarm conveyancing solicitor and ask if they are on the Halifax panel. If they are not approved you have numerous choices available to you here:

• Proceed with your chosen Yarm solicitor but Halifax will undoubtedly instruct a conveyancer from their approved list. The net impact is additional cost together with likely delay.
• Choose a new property lawyer to conduct the conveyancing, obviously checking they are on the Halifax conveyancing panel.
• Convince your conveyancing practitioner to attempt to join the mortgage company panel.