I am the registered owner of a freehold premises in Rotherhithe but nevertheless pay rent, why is this and what is this?
It is rare for properties in Rotherhithe and has limited impact for conveyancing in Rotherhithe 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 new 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 in 2037 is to be extinguished.
We are purchasing a flat in Rotherhithe. It might be a silly question but how we can trust a lawyer? At some point we have to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am buying a property in Rotherhithe. An unusual aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Virgin Money your lawyer must check the formal instructions outlined in Section two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook includes minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Virgin Money where a lease does not satisfy these requirements. The provisions relate to the installation of panels on properties countrywide and is not isolated to Rotherhithe.
Completion of my purchase has taken place for my property in Rotherhithe. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I acquired my apartment on 4 June and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Rotherhithe said it should be registered in a couple of weeks. Are titles in Rotherhithe particularly slow to register?
There is nothing unique when it comes to conveyancing in Rotherhithe registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether it is in order and if the Land registry communicate with any interested parties. Currently roughly 80% of such applications are fully addressed in less than three weeks but occasionally there can be longer delays. Historically registration is effected once the new owner is living at the property therefore post completion formalities is not always primary concern but if there is a degree of urgency associated with the registration then you or your solicitor could contact the land registry and explain the circumstances.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Rotherhithe. Conveyancing is a frightening process 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 legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Rotherhithe
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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 unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I have been pointed in your direction by numerous selling agents in Rotherhithe to get a quote from a property lawyer using your seach tool. What’s the financial advantage for Estate Agents to market your lawyers over and above another?
We refuse to make any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
Do you have any top tips for leasehold conveyancing in Rotherhithe with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Rotherhithe can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. The majority of freeholders or Management Companies in Rotherhithe charge for supplying management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Rotherhithe. If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a duplicate share certificate is often a lengthy process and delays many a Rotherhithe home move. If a new share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
I am the proprietor of a ground floor flat in Rotherhithe. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
if there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Rotherhithe residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The number of years remaining on the existing lease(s) was 101.61 years.