I am the registered owner of a freehold property in North Finchley but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in North Finchley and has limited impact for conveyancing in North Finchley 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 many centuries, 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 after 2037 will be extinguished.
Should commercial conveyancing searches disclose planned roadworks that could affect a commercial property in North Finchley?
Its becoming the norm that commercial conveyancing solicitors in North Finchley will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in North Finchley. The search result provides definitive information 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 North Finchley.
For every commercial conveyancing transaction in North Finchley it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to North Finchley commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in North Finchley.
Just bought a detached house in North Finchley , What is the estimated time for the Land Registry to record my proprietorship? My North Finchley conveyancing solicitor has been painfully slow, so I want to be sure the registration formalities are addressed.
There is nothing unique when it comes to conveyancing in North Finchley registration formalities. Rather than based on location, timeframes can adjust according to who lodges the application, whether it is in order and whether the Land registry must send notices to any interested parties. Currently approximately 80% of such applications are completed within two weeks but occasionally there can be extensive delays. Registration occurs once the new owner has moved in to the property so registration formalities is not always primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor could contact the land registry and explain the circumstances.
I am looking into buying my first house which is in North Finchley and I am already nervous. I couldn't find anything specific about North Finchley. Conveyancing will be needed in due course but do you know about the North Finchley area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at North Finchley. In the meantime here are some basic statistics that we found
My wife and I have hit a brick wall in trying to purchase the freehold in North Finchley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Lease Extension case for a North Finchley property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired residue of the current lease was 76 years.
What are the frequently found problems that you encounter in leases for North Finchley properties?
Leasehold conveyancing in North Finchley is not unique. All leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Repairing obligations to or maintain elements of the premises
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
My wife and I are purchasing a studio flat in North Finchley. When we first instructed conveyancing practitioner, they assured us that they were on all major UK bank panels. The mortgage broker emailed today to advise that they don't seem to be on the Virgin Money approved list. If it turns out to be true, what should we do? Do we just pick a new lawyer that is on their approved list or do we cover the costs for separate representation, with Virgin Money appointing their own approved property lawyer.
When acquiring a property with the benefit of a mortgage it is usual for the buyer’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to meet. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should call Virgin Money and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Virgin Money's conveyancing panel as you are at liberty to use your preferred North Finchley lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another solicitor into the mix.