I own a freehold premises in Broadway but still pay rent, why is this and what is this?
It is rare for properties in Broadway and has limited impact for conveyancing in Broadway 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Have completed on a a detached house in Broadway , What is the estimated time for the Land Registry to register the transfer to my name? My Broadway conveyancing solicitor works at snail pace, so I want to be sure that my ownership is registered.
There is nothing unique when it comes to conveyancing in Broadway registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to who lodges the application, whether it is in order and if the Land registry must send notices to any other parties. Currently roughly 80% of submission are completed in less than three weeks but occasionally there can be protracted hold-ups. Registration occurs after the new owner has moved in to the premises therefore registration formalities is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your conveyancer must speak with the land registry and explain the circumstances.
I'm buying a new build house in Broadway with a loan from Clydesdale. The builders would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not reveal to my solicitor about this side-deal as it will jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 freehold conveyancing in Broadway. I have discover a web site which looks to be the ideal answer If it is possible to get all this stuff done via email that would be preferable. Do I need to be wary? What are the potential pitfalls?
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?
There are only Fifty years remaining on my flat in Broadway. I am keen to extend my lease but my landlord is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the lessor. In some cases an enquiry agent may be useful to carry out a search and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Broadway.
Leasehold Conveyancing in Broadway - Sample of Questions you should consider Prior to buying
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Is there a share of the freehold? Who are the managing agents? It would be prudent to discover if the the lease contains any adverse restrictions in the lease. For example it is fairly common in Broadway leases that pets are not allowed in in a block in Broadway. If you love the propertyin Broadway yet your cat is not allowed to make the move with you then you will be presented with a difficult compromise.
What is the distinction between surveying and conveyancing in Broadway?
Conveyancing - in Broadway or elsewhere - is the process of legally transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re intending to buy and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the vendor to remedy the problems prior to you move in.