I have given 8 weeks notice to my current landlord and must vacate my rented apartment in Chatham by the end of next month. Conveyancing for my house purchase is progressing. How realistic is it to complete in 5 weeks as don't want to have to find temporary accommodation?
The normal practice is not to provide notice for your letting until exchange of contracts has taken place. Assuming that you have not already done so, notify to your lawyer and urge them to they cajole the owners solicitors, try to get a realistic time scale from them that everyone will aim towards
I purchased a freehold house in Chatham but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Chatham and has limited impact for conveyancing in Chatham 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 establishment of fresh 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 in 2037 will be extinguished.
About to purchase a new build apartment in Chatham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Chatham
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the encouragement of my in-laws I had a survey completed on a property in Chatham prior to appointing solicitors. I have been informed that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will refuse to give a loan on such a property.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Chatham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chatham to see if the conveyancing costs will increase in light of this.
I am a negotiator for a long established estate agent office in Chatham where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Chatham conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. This means that the buyer can avoid having to wait 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 sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I purchased a garden flat in Chatham, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Chatham with a long lease are worth £201,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2085
You have 64 years left to run we estimate the price of your lease extension to range between £15,200 and £17,600 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
My lawyer in Chatham has informed me that he requires proof of ID documents asserting that this is part of his retainer as a conveyancer on the bank Conveyancing panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require Chatham conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the mortgage company's UK Finance Lenders’ Handbook requirements