I am the registered owner of a freehold property in Arnold but still invoiced for rent, why is this and what is this?
It is rare for properties in Arnold and has limited impact for conveyancing in Arnold 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 generation 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 will be extinguished.
Is there a search tool that I can use to find out if the solicitor conducting my conveyancing in Arnold is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Nottingham Building Society thus spending £175.00 in additional legal charges.
Feel free to take advantage of the search tool on this web page. Please choose the lender and type ‘Arnold’ or your location and you will see a number of lawyer offices in Arnold or near you.
I'm converting the mortgage on my current property to a BTL loan with Skipton Building Society and intend to use the remaining equity as a deposit on another house. The area we are talking about is Arnold. Will your conveyancers be able to act for both sets of mortgage companies and tie in the transactions?
Make use of our search tool on this page to be sure that the lawyers are on the relevant lender panels. Assuming that they are your solicitor will be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and make clear your expectations and requirements.
My husband and I are new to the buying process - had an offer accepted, yet the property agent told us that the vendor will only move forward if we appoint their recommended solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer with experience of conveyancing in Arnold
We suspect that the seller is unaware of this ultimatum. Should the vendor desire ‘a quick sale', alienating a serious buyer is is going to put the whole deal at risk. Speak to the vendors direct and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Arnold conveyancing firm - not the ones that will provide their estate agent a referral fee or achieve conveyancing thresholds set by head office.
I am attracted to a two maisonettes in Arnold both have approximately forty five years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Arnold is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Arnold conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a 1st floor flat in Arnold, conveyancing having been completed in 1998. Can you work out an approximate cost of a lease extension? Similar flats in Arnold with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2079
You have 54 years remaining on your lease we estimate the price of your lease extension to be between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure 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 tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
How much experience do your Arnold conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Arnold conveyancing lawyers help thousands of people move home every year and helped plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Arnold conveyancers have worked on recent similar cases.