I am the registered owner of a freehold premises in Luton yet pay rent, why is this and what is this?
It’s unusual for properties in Luton and has limited impact for conveyancing in Luton 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
What is the optimum way to check that the solicitor conducting my conveyancing in Luton is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Virgin Money thus spending £175.00 in further conveyancing bill.
Feel free to take advantage of the search tool on this page. Please choose the mortgage company and type ‘Luton’ or your preferred area and you will see numerous conveyancers located in Luton or by proximity to you.
I require fast conveyancing in Luton as I am faced with an ultimatum to complete in less than 4 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not taking a home loan you are at free not to do searches although no solicitor would recommend that you don't. With lots of history conveyancing in Luton the following are examples of what can be revealed and therefore impact market value: Enforcement Notices, Outstanding Fees, Overdue Grants, Road Schemes,...
Due to the guidance of my in-laws I had a survey completed on a property in Luton prior to appointing conveyancers. I have been told that there is a flying freehold element to the property. The surveyor has said that some mortgage companies may not issue a loan on this type of premises.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Luton. Conveyancing will be smoother if you use a solicitor in Luton especially if they are accustomed to such properties in Luton.
My husband and I are a couple of weeks into a residential purchase having been referred to solicitors by the high street agent to handle our conveyancing in Luton. We are not happy. Could you help me find new conveyancers?
They would have to be really poor in order to consider changing them. Has your mortgage been issued? If so you will need to advise them of the new contact details and ensure the offer are re-sent. Your solicitor ideally needs to be on the mortgage company approved list to avoid escalating costs and delays. So that should be your starting point. The find a solicitor tool can help you find a lender approved solicitor for your conveyancing in Luton
I've recently bought a leasehold property in Luton. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Luton - A selection of Questions you should ask before Purchasing
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How many years are left on the lease? How is the lease structured? Generally speaking the outlay for major works are not incorporated into the service charges, albeit that there some managing agents in Luton require leasehold owners to pay into a sinking fund created for the specific purpose of building a fund for major works.