I am the registered owner of a freehold residence in Emersons Green but still invoiced for rent, why is this and what is this?
It is rare for properties in Emersons Green and has limited impact for conveyancing in Emersons Green 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.
Previous 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 extinguished.
My wife and I are buying a apartment in Emersons Green. I might seem paranoid but how we can trust a solicitor? At some point we have to put funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are purchasing a 4 bedroom semi-detached house in Emersons Green. The intention is to an extension at the rear at the property.Will the conveyancing process include checks to determine if these works were previously refused?
Your conveyancer should check the deeds as conveyancing in Emersons Green can sometimes identify restrictions in the title deeds which prevent categories of changes or necessitated the permission of a 3rd party. Some works call for local authority planning permissions and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these issues with a surveyor prior to committing yourself to a purchase.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Emersons Green bank branch on various occasions and was informed it wasn't an issue and they will lend. My Emersons Green conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the bank approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing my first flat in Emersons Green with a mortgage from Yorkshire Building Society. The sellers would not move on the price so I negotiated 6k of additionals instead. The house builders rep advised me not reveal to my conveyancer about the extras as it could put at risk my loan with Yorkshire Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Are there any apps to assist me to search for a Emersons Green law firm on the Alliance & Leicester conveyancing panel? I have a car and am prepared to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the facility on this website. Please choose the mortgage company and your location and you will see a number of Emersons Green conveyancing lawyers located nearest you. We have listed some Emersons Green conveyancing firms towards the end of this page and you can call them to verify if they are on the Alliance & Leicester approved list
Can you provide any top tips for leasehold conveyancing in Emersons Green with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Emersons Green can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers’ conveyancers. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to ongoing. Some Emersons Green leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. The majority of freeholders or managing agents in Emersons Green charge for supplying management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Emersons Green. You believe that you know the number of years left on your lease but you should double-check via your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I own a basement flat in Emersons Green, conveyancing formalities finalised July 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Emersons Green with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2072
You have 51 years left to run we estimate the premium for your lease extension to span between £30,400 and £35,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
Why do Emersons Green conveyancing costs are more expensive for leasehold and freehold properties?
Leasehold conveyancing in Emersons Green will often involve additional work including fully examining the lease, communicating with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.