I'm in the process of porting my existing standard home loan to a BTL Virgin Money mortgage. The bank has said that I need a solicitor as part of the process. I got in contact with my past Rainford conveyancing solicitor who who completed the conveyancing when I initially acquired the house. The quote supplied of just over five hundred pounds has shocked me as its a refinance than a sale or purchase.
The estimate does seem a tad on the high side. If you shop around you might get the conveyancing a bit cheaper by say £100 plus VAT. That being said, assuming were satisfied with the conveyancing the firm gave you couldcome to regret choosing an a cheaper solicitor. Don't forget to ensure the conveyancer can act for Virgin Money. You can utilise our search tool to select a Rainford conveyancing firm on the Virgin Money approved list of lawyers, which can often include conveyancing solicitors in Rainford.
I am the registered owner of a freehold house in Rainford but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Rainford and has limited impact for conveyancing in Rainford 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 fresh 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 dispensed with completely.
Do I need to pay for insurance to address the risk of chancel repairs when purchasing a residence in Rainford?
Unless a prior purchase of the premises took place after 12 October 2013 you can expect solicitors conducting conveyancing in Rainford to remain recommending a chancel search and or chancel repair liability insurance.
Just had an offer accepted on a new build apartment in Rainford. 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.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Rainford
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared.
I was advised by two or three local property agents in Rainford to find a conveyancer on your site. Is there a financial incentive for Estate Agents to market your lawyers rather than another?
We don’t offer any financial incentive for directing people our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
What advice can you give us when it comes to appointing a Rainford conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Rainford conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Rainford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
If the firm is not ALEP accredited then what is the reason? How familiar is the firm with lease extension legislation?
I am the registered owner of a 2 bed flat in Rainford, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Rainford with a long lease are worth £206,000. The ground rent is £45 yearly. The lease expires on 21st October 2088
With 65 years unexpired the likely cost is going to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.