I own a freehold residence in Hazlemere but still pay rent, why is this and what is this?
It’s unusual for properties in Hazlemere and has limited impact for conveyancing in Hazlemere 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 generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the HSBC Solicitor panel ahead of completing my conveyancing in Hazlemere?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Various internet forums that I have frequented warn that are the main reason for delay in Hazlemere house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Hazlemere.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Hazlemere I like with a park and station in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Hazlemere in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Hazlemere. I've land on a web site which looks to be the perfect offering If it is possible to get all the legals completed via email that would be preferable. 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 have been told by numerous estate agents that it should take 6-8 weeks for Hazlemere conveyancing to complete.This was a month ago. The draft contract was only forwarded from the vendors conveyancing practitioner last week so now does it countdown?
You need to be pragmatic concerning timing. Property transactions in Hazlemere takes on average about ten weeks. This timeframe is not because conveyancing practitioner are slow and deliberately delay matters. The level of money involved in purchasing any property is so high, the purchaser's property lawyer needing to carry out a wide range of queries, searches and other checks to protect the buyer and their mortgage company (if there is to be a home loan) from expensive, avoidable problems. Conveyancing in Hazlemere involves seeking information from various third parties, for example other lawyer, local councils, private companies, mortgage companies. Many of these are efficient. Others are not. Finally, it doesn't matter how quickly your property lawyer do their part, if the people you are purchasing from or are selling to aren't ready, nothing can move forward until they are.