We are about to sign contracts for a property in Selby. We have hit a snag. The mortgage offer with Leeds Building Society expires on 18/3/2025 but the vendors are putting forward a completion date of 20/3/2025. Is it possible to extend the loan expiry date?
The best person to deal with your question is your lawyer who will hopefully calculate if they should be discussing with the bank, vendor’s solicitors, estate agents or possibly all parties based on the history of your house move to date.
I own a freehold residence in Selby but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Selby and has limited impact for conveyancing in Selby 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The solicitors who dealt with the conveyancing in Selby 5 years ago are no longer around. What are my options?
As long as you have a registered title the information relating to your ownership will be evidenced by HMLR with a Title Number. It is possible to conduct a search at the Land Registry, identify your property and secure up to date copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I need to appoint a conveyancing solicitor for some conveyancing in Selby. I happened to discover a site which appears to be the ideal answer If it is possible to get all the legals completed via phone that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Last August I purchased a leasehold property in Selby. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a ground floor flat in Selby, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Selby with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2099
With just 74 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.