I own a freehold premises in Great Dunmow but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Great Dunmow and has limited impact for conveyancing in Great Dunmow 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
This question may be naive but I am unexperienced as FTB of a garden flat in Great Dunmow. Do I pick up the keys to the property on completion from my conveyancer? If so, I will instruct a local conveyancing solicitor in Great Dunmow?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you will be invited to collect the keys from the selling Agents and start moving into the property. Usually this happens between 1 and 3pm.
When it comes to lenders such as Aldermore, do Great Dunmow property lawyers have to pay a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We had instructed conveyancers located in Great Dunmow on the Kent Reliance solicitor approved list. They have just billed me a separate charge for the legal aspects of the Kent Reliance mortgage. Is this an additional conveyancing fee specified by Kent Reliance?
Provided it is contained in their Terms of Engagement or estimate then yes your lawyer may charge a fee for this. This fee is not dictated by Kent Reliance but by your Great Dunmow solicitor. Some firms on the Kent Reliance panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
I have todaybeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Great Dunmow for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The easiest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Great Dunmow conveyancing specialists.
We're FTB’s - had an offer accepted, yet the agent told us that the owners will only proceed if we instruct their preferred lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer with experience of conveyancing in Great Dunmow
We suspect that the owner is not behind this request. If they require ‘a quick sale', alienating a genuine purchaser is likely to cause more damage than good. Avoid the agents and go straight to the sellers and explain that (a)you are genuine purchasers (b)you are ready to go, with finances arranged © you are chain free (d) you wish to move quickly (e)however you will continue to instruct your own,trusted Great Dunmow conveyancing firm - not the ones that will earn their negotiator at the agency a kickback or hit his conveyancing figures demanded by senior management.
What advice can you give us when it comes to finding a Great Dunmow conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Great Dunmow conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Great Dunmow conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
What volume of lease extensions have they carried out in Great Dunmow in the last year?
I inherited a 1 bedroom flat in Great Dunmow, conveyancing formalities finalised 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Great Dunmow with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2091
With only 69 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
I have just started marketing my basement flat in Great Dunmow.Conveyancing has not commenced but I have just had a yearly service charge invoice – what should I do?
It best that you pay the service charge as normal because all ground rent and maintenance payments should be apportionedas part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially