I have just been advised by my estate agent that my Knighton lawyer is not on the lender Solicitor panel. How can I be certain that this is indeed the case?
The best course of action for you to take is to contact your Knighton lawyer directly. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
I purchased a freehold residence in Knighton but nevertheless pay rent, why is this and what is this?
It is rare for properties in Knighton and has limited impact for conveyancing in Knighton 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 many centuries, 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 extinguished.
About to purchase a new build apartment in Knighton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Knighton
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan.
How do I identify a Knighton law firm on the Barclays conveyancing panel? I have wheels and am happy to travel upto 10miles to meet the solicitor.
You can use the facility on this page. Please select a mortgage company and your location and you will see a number of Knighton conveyancing lawyers located nearest you. We have detailed some Knighton conveyancing firms towards the end of this page and you can ring them to verify if they are on the Barclays panel
Is it best to go with a Knighton conveyancing solicitor in close proximity to the house I am purchasing? An old friend can carry out the legal formalities but they are based 300miles away.
The primary upside of using a high street Knighton conveyancing practice is that you can visit the firm to sign documents, deliver your ID and pester them where appropriate. They will also have local insight which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were happy that must outweigh using an unfamiliar Knighton conveyancing lawyer just because they are local.
I work for a reputable estate agent office in Knighton where we have witnessed a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Knighton conveyancing firms. Can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a garden flat in Knighton, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable flats in Knighton with a long lease are worth £260,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2099
With just 74 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The suggested premium range 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 tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.