I purchased a freehold property in Bankside but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Bankside and has limited impact for conveyancing in Bankside 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
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 extinguished.
three months have elapsed following my purchase conveyancing in Bankside took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Bankside with a loan from Chelsea Building Society. The sellers refused to reduce the amount so I negotiated 6k of extras instead. The sale representative told me not inform my lawyer about the side-deal as it will impact my loan with Chelsea Building Society. 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 was pointed in your direction by a number of property agents in Bankside to locate a property lawyer using your seach tool. Is there a financial upside for Estate Agents to promote your services over another?
We refuse to offer any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Am I best advised to use a Bankside conveyancing practitioner in close proximity to the house I am buying? We have a good friend who can handle the legal work however her office is over three hundred kilometers drive away.
The benefit of a high street Bankside conveyancing practice is that you can visit the firm to sign paperwork, present your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and in the main were impressed that must surpass using an unfamiliar Bankside conveyancing lawyer just because they are based in the area.
I have recently realised that I have Seventy years left on my flat in Bankside. I now wish to get lease extension but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. On the whole an enquiry agent may be helpful to conduct investigations and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Bankside.
My wife and I have hit a brick wall in trying to purchase the freehold in Bankside. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the premium.
An example of a Freehold Enfranchisement case for a Bankside premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired residue of the current lease was 107 years.