I own a freehold property in Grimsby but still pay rent, why is this and what is this?
It is rare for properties in Grimsby and has limited impact for conveyancing in Grimsby 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 creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I have just over seventy years left on my lease and need a lease extension for my flat in Grimsby. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/9/2020 the requirements read as follows :
Should commercial conveyancing searches reveal impending roadworks that could impact a commercial site in Grimsby?
Many commercial conveyancing solicitors in Grimsby will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Grimsby. 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 Grimsby.
For each commercial conveyancing transaction in Grimsby it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to Grimsby commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Grimsby.
I'm purchasing a new build house in Grimsby with a loan from HSBC Bank. The builders would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative told me not to tell my conveyancer about the extras as it would put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Grimsby is the location of the property. What do you suggest?
Flying freeholds in Grimsby are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Grimsby you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Grimsby may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My husband and I are novice buyers - agreed a price, yet the agent advised that the seller will only proceed if we use the agent's chosen lawyers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local conveyancer with experience of conveyancing in Grimsby
We suspect that the seller is not behind this requirement. If they desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is not the way to achieve this. Speak to the vendors direct and make the point that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to use your own,trusted Grimsby conveyancing firm - rather thanthe ones that will give their estate agent a kickback or hit his conveyancing figures set by corporate headquarters.