I purchased a freehold property in Chester but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Chester and has limited impact for conveyancing in Chester 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 post 1977.
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.
How do I find out if the solicitor conducting my conveyancing in Chester is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Ireland thus spending £192.00 in supplemental legal charges.
Please do make the most of the search tool on this web page. Pick the lender and type ‘Chester’ or your location and you will discover numerous solicitors based in Chester or by proximity to you.
Do commercial conveyancing searches disclose proposed roadworks that may impact a commercial property in Chester?
Many commercial conveyancing solicitors in Chester will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Chester. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Chester.
For every commercial conveyancing transaction in Chester it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Chester commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Chester.
My husband and I are four weeks into a residential purchase having been referred to a firm by the high street agent to carry out the conveyancing in Chester. We are not happy. Could you you assist me in finding new conveyancers?
A lawyer would have to be very bad in order to consider diss instructing them. Has your mortgage offer been sent? If so you need to make them aware of the replacement conveyancer and ensure the offer are re-sent. The solicitor ideally needs to be on the lenders approved list to avoid supplemental costs and frustration. That should be your first question of the new solicitors. Our find a solicitor tool will assist you in finding a bank approved conveyancer for your conveyancing in Chester
I am looking at a two flats in Chester both have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Chester is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chester conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a leasehold flat in Chester, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Chester with over 90 years remaining are worth £192,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2076
With only 54 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Is it true that a Chester conveyancing firm has court proceedings brought against them by clients for failing to conduct the appropriate conveyancing investigations?
Our attention has not be brought to such a Chester conveyancing matter but according to a recent report, clients acquiring a house in Cumbria successfully won a claim against their property lawyer due to development plans to construct a wind farm not being picked up in conveyancing searches.
If you are buying in Chester It is important that your property lawyer carry out all Chester conveyancing searches needed to ensure you have relevant and current information ahead of buying a property.