I am the registered owner of a freehold property in Arlesey but still charged rent, why is this and what is this?
It is rare for properties in Arlesey and has limited impact for conveyancing in Arlesey 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 redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
What happens if my lawyer’s firm is suspended from the Barclays Solicitor panel ahead of completing my conveyancing in Arlesey?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My colleague recommended that if I am buying in Arlesey I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Arlesey conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Arlesey around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Arlesey Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Arlesey Education with plans and statistics, Local Amenities and other useful data regarding Arlesey.
I'm buying a new build house in Arlesey with a loan from Clydesdale. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my lawyer about this deal as it would adversely affect my loan with Clydesdale. Should I keep quiet?.
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.
I need to appoint a conveyancing solicitor for my conveyancing in Arlesey. I happened to stumble upon a web site which appears to be the ideal solution If it is possible to get all formalities completed via web that would be preferable. Should I be concerned? 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?
I have just appointed agents to market my garden apartment in Arlesey. Conveyancing has not commenced, but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual as all ground rent and service payments should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a 1st floor flat in Arlesey, conveyancing was carried out 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Arlesey with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2086
With just 61 years unexpired we estimate the price of your lease extension to range between £18,100 and £20,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures 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 want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.