I own a freehold residence in Worcester but nevertheless charged rent, why is this and what is this?
It is rare for properties in Worcester and has limited impact for conveyancing in Worcester 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
When it comes to mortgage companies such as Yorkshire BS, do Worcester solicitors incur an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
How can we tell if a Worcester conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Worcester seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer handling your conveyancing.
We expect to receive a DIP from Nationwide this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nationwide recommend any Worcester solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Worcester solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I am buying my first flat in Worcester benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about the extras as it would adversely affect my mortgage with National Westminster Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
In what way can the Landlord & Tenant Act 1954 affect my commercial property in Worcester and how can you help?
The 1954 Act affords security of tenure to business tenants, giving them the a statutory right to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Worcester is one of our hundreds of areas of the UK in which the firms we work with are located
In searching the web for the words cheap conveyancing in Worcester it brings up numerous property lawyersin the vicinity. With so much choice what is the best way to find the right conveyancing solicitor for me?
The best way of choosing a suitable conveyancer is through a trusted recommendation, so seek the counsel of friends and family who have acquired a property in Worcester or the local estate agent or mortgage broker. Charges for conveyancing in Worcester vary, so it's sensible to request at least three quotes from different law firms. Be sure to obtain confirmation that the charges are guaranteed not to to be inflated.
I work for a reputable estate agent office in Worcester where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Worcester conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a 1st floor flat in Worcester, conveyancing having been completed April 2005. Can you work out an approximate cost of a lease extension? Comparable properties in Worcester with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2080
With only 55 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.