I am not in a position to travel far from Burnage. What is the rationale as to why all Burnage lawyers aren't included on all bank panels?
Even though it may seem unfair for lenders to restrict who can act for them, from the public’s or lawyer’s standpoint, the other side of the coin is that mortgage companies are becoming ever more anxious and consider it imperative to shield themselves from illegal activities. As a consequence of this concern lenders are limiting their conveyancing panel to a size that they are happy to control.
I am due to exchange buying a property in Burnage but as a consequence of damage from some water damage at the property I have was able negotiate recompense from the seller in the sum of £3k taking the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process but Barclays will not permit this. Should they have been involved?
Your solicitor being on a Barclays approved list is required to inform Barclays of any variations to the sale price. If you prohibit your conveyancing practitioner to disclose the price change to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new solicitor for your conveyancing in Burnage.
I own a freehold residence in Burnage but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Burnage and has limited impact for conveyancing in Burnage 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.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Burnage is where the house is located. Can you shed any light on this issue?
Flying freeholds in Burnage are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burnage you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burnage may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I work for a busy estate agent office in Burnage where we have experienced a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Burnage conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Burnage - Sample of Queries before buying
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You should be aware that where the lease has less than eighty years it will impact the salability of the property. It is worth checking with your lender that they are content with remaining years on the lease. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would be be obliged to have been the owner of the property for two years before you are legally able to carry out a lease extension. How much is the ground rent and service charge? Is the freehold reversion owned jointly by the leaseholders?
Are all Burnage legal practices on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can drop into your local lender branch in Burnage. Chances are that they will know some good conveyancing solicitors in Burnage