I am the registered owner of a freehold house in Gatley yet charged rent, why is this and what is this?
It is rare for properties in Gatley and has limited impact for conveyancing in Gatley 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 establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My house in Gatley is up for sale and I have a purchaser. Will my lawyer need to be on the Skipton conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Skipton conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
Does a directory service exist listing HSBC panel solicitors in Gatley on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings open the public online. Where you are looking for a Gatley conveyancer on the HSBC please make the most of our tool.
I have decided to exercise my right to buy my property in Gatley off the council. I have a mortgage offer with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
Principality have agreed my home loan in principle, my offer on a apartment in Gatley has been agreed to, what happens next?
Your estate agent will need to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s approved list). Contact Principality or the broker and complete any outstanding documentation. Principality will instruct a valuer who will get in contact with the estate agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Principality will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Gatley.
I need some fast conveyancing in Gatley as I am faced with an ultimatum to complete within one month. Fortunately I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are are a cash buyer you are at free not to do searches although no conveyancer would recommend that you don't. With lots of history conveyancing in Gatley the following are instances of issues that can crop up and adversely affect market value: Enforcement Notices, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
I am tempted by the attractive purchase price for a couple of flats in Gatley which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Gatley. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field.
I acquired a studio flat in Gatley, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Gatley with over 90 years remaining are worth £255,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2098
With only 73 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
How and when do I pay the Stamp Duty Land Tax chargeable for my purchase in Gatley?
The solicitor will fill out a stamp duty return for you during your Gatley conveyancing transaction for signature. After completion your lawyer will submit your Land Transaction Return Form to the Inland Revenue and - assuming they have the funds - pay any Stamp Duty liability on your behalf.