I purchased a freehold premises in Ince in Makerfield but still charged rent, why is this and what is this?
It’s unusual for properties in Ince in Makerfield and has limited impact for conveyancing in Ince in Makerfield 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 establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We are planning to purchase with Loughborough BS. We have called around locally but cant to find a Ince in Makerfield conveyancing firm on the Loughborough BS panel. Please you help?
Feel free to make use of the search tool on this web page. Please choose the mortgage company and type Ince in Makerfield or your location and you will see a number of lawyer located in Ince in Makerfield or by proximity to you.
Are all Ince in Makerfield Conveyancing Quality Solicitors on the Kent Reliance conveyancing list of approved practices?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I am currently in the process of buying my council flat in Ince in Makerfield. I have a mortgage agreed with HSBC. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
After weeks of negotiation I have agreed a price on an apartment in Ince in Makerfield. My financial adviser suggested a lawyer. I paid an advanced payment of £200. Shortly after, the property lawyer contacted me to say that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am purchasing my first flat in Ince in Makerfield with a mortgage from Alliance & Leicester . The builders refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep advised me not to tell my solicitor about this side-deal as it may impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Last November I purchased a leasehold property in Ince in Makerfield. Do I have any liability for service charges for periods before completion of my purchase?
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 be sure 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).
Ince in Makerfield Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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The prefered form of lease structure is if the freehold title is in the ownership of the leaseholders. In this arrangement the leaseholders enjoy control and although a managing agent is often retained if it is larger than a house conversion, the managing agent is directed by the tenants. How much is the ground rent and service charge? Where a Ince in Makerfield lease has less than eighty years it will affect the value of the property. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Ince in Makerfieldlease extensions you will need to own the premises for 24 months in order to be legally able to exercise a lease extension.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Ince in Makerfield. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Ince in Makerfield ?
The majority of houses in Ince in Makerfield are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Ince in Makerfield so you should seriously consider shopping around for a Ince in Makerfield conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.