I am the registered owner of a freehold residence in Stockwood but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Stockwood and has limited impact for conveyancing in Stockwood 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 hundreds of years, 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 after 2037 will be dispensed with completely.
Forgive me if this question is silly but I am new to the process as a 1st time buyer of a garden flat in Stockwood. Do I pick up the keys to the premises on completion from my conveyancer? If so, I will find a local conveyancing solicitor in Stockwood?
On the day of completion you do not need to attend the conveyancers office in Stockwood. Your solicitors will electronically transfer the purchase money to the seller's lawyers, and shortly after the monies have arrived, you will be called to receive the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
I have paid off my mortgage with Aldermore. I assume I don't need a Stockwood property lawyer on the Aldermore panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
The formalities of my remortgage has taken place for my property in Stockwood. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that 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 own a terraced Edwardian property in Stockwood. Conveyancing practitioner represented me and Alliance & Leicester . I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stockwood and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing practitioner who carried out the work.
I am purchasing a new build house in Stockwood with a loan from Nottingham Building Society. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not inform my solicitor about the side-deal as it may impact my mortgage with Nottingham Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What does commercial conveyancing in Stockwood cover?
Stockwood conveyancing for business premises incorporates a broad array of services, provided by regulated solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
Can you provide any advice for leasehold conveyancing in Stockwood with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stockwood can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. A minority of Stockwood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing. The majority of landlords or managing agents in Stockwood charge for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Stockwood.
I own a 1st floor flat in Stockwood, conveyancing was carried out in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Stockwood with a long lease are worth £222,000. The ground rent is £50 yearly. The lease ends on 21st October 2090
With just 70 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.