I own a freehold residence in Manor Park but nevertheless charged rent, why is this and what is this?
It is rare for properties in Manor Park and has limited impact for conveyancing in Manor Park 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 establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I am selling my flat in Manor Park. Does my conveyancer have to be required to be on the Co-operative conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I decided to have a survey completed on a house in Manor Park ahead of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend not grant a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Manor Park. Conveyancing will be smoother if you use a solicitor in Manor Park especially if they are familiar with such properties in Manor Park.
How do I use the search app to locate a conveyancing practitioner in Manor Park on the panel for my mortgage?
Step one is to choose a lender such as Accord Mortgages Ltd, Virgin Money or Clydesdale then specify your preferred area a common one being Manor Park. Conveyancing practices in Manor Park and further afield should be identified.
I am attracted to a couple of maisonettes in Manor Park which have approximately 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Manor Park is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Manor Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Manor Park conveyancing firm to help?
if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the premium.
An example of a Lease Extension decision for a Manor Park residence is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case affected 2 flats. The unexpired term as at the valuation date was 65.5 years.
To what extent are Manor Park conveyancing solicitors duty bound by the Law Society to issue transparent conveyancing costs?
Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Manor Park or or elsewhere in the country.