I purchased a freehold property in Edgbaston but still invoiced for rent, why is this and what is this?
It is rare for properties in Edgbaston and has limited impact for conveyancing in Edgbaston 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 many centuries, 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 after 2037 will be dispensed with completely.
There are plenty of conveyancing solicitors in Edgbaston but how do I know who I should use?
It would be unwise to be seduced by the cheapest Edgbaston conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
I just bought a house at auction in Edgbaston. Conveyancing is necessary. What is next?
Given that you are now exchanged you now have to appoint a conveyancing lawyer soon as you now have a fast approaching a fixed date to complete the purchase. All auction property will ordinarily have a bespoke legal set of papers. This should include evidence of title and search results. In the case of leasehold premises the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You should hand this to the lawyer working for you at the earliest opportunity. You also need to ensure that you have funds organised to complete on the date specified in the contract.
We expect to receive a OIP from HSBC this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any Edgbaston solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Edgbaston solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
Do commercial conveyancing searches disclose impending roadworks that could affect a commercial land in Edgbaston?
Its becoming the norm that commercial conveyancing solicitors in Edgbaston will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Edgbaston. The search result 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 Edgbaston.
For each commercial conveyancing transaction in Edgbaston 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 can cause delays to Edgbaston commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Edgbaston.
I opted to have a survey carried out on a house in Edgbaston ahead of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some lenders tend refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Edgbaston. Conveyancing will be smoother if you use a solicitor in Edgbaston especially if they are familiar with such properties in Edgbaston.
I need to instruct a conveyancing solicitor for some conveyancing in Edgbaston. I've stumble across a web site which seems to have the perfect solution If there is a chance to get all formalities completed via phone that would be ideal. Should I be wary? What should out be looking out for?
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?
I've recently bought a leasehold flat in Edgbaston. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Edgbaston Leasehold Conveyancing - A selection of Questions you should ask before buying
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You will want to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Don't be shy to ask other tenants if they are happy with their service. In conclusion, investigate as to the dates that the maintenance fees are due to the relevant party and precisely what it includes. How much is the service charge and ground rent on the property?