I am the registered owner of a freehold premises in Atherton but still pay rent, why is this and what is this?
It is rare for properties in Atherton and has limited impact for conveyancing in Atherton 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
When researching online forums for a high-quality solicitor in Atherton, many comment that I should instruct a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in buying or selling property, trusted by some of the UK's leading banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. Atherton is one of the numerous areas in England and Wales where there are Accredited lawyers.
How does conveyancing in Atherton differ for new build properties?
Most buyers of new build or newly converted property in Atherton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Atherton usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Atherton or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 impact my commercial offices in Atherton and how can you help?
The 1954 Act gives a safeguard to business lessees, giving them the legal entitlement to make a request to court for a new tenancy and remain in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Atherton
Are there common defects that you come across in leases for Atherton properties?
Leasehold conveyancing in Atherton is not unique. Most leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. A provision to repair to or maintain elements of the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I own a 1 bedroom flat in Atherton, conveyancing formalities finalised in 1997. How much will my lease extension cost? Similar properties in Atherton with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2074
With just 52 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I pay a maintenance fee for my property in Atherton. As a result of poor financial planning I slipped behind with payments. The managing agents agreed a settlement schedule but there is still two outstanding at the current time.
I am under pressure to dispose of the property and I am worried this may threaten to derail the sale if I have to settle the arrears first. Do I have to settle before - is this possible?
Your solicitor will hopefully be in a position to negotiate with the management company, and agree with them whether or not they would accept settlement out of the sale proceeds. This is indicative of why it might be good to instruct a conveyancer in Atherton as they may well have an established relationship with the management company.