I own a freehold residence in Stretford but nevertheless pay rent, why is this and what is this?
It is rare for properties in Stretford and has limited impact for conveyancing in Stretford 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.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
The Stretford conveyancing firm that just started acting on my purchase in Stretford have without warning closed. They were on acting for me because I needed a firm on the Aldermore conveyancing panel and my family Stretford lawyer was not. I paid them money on account. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
About to purchase a new build flat in Stretford. Conveyancing is necessary evil 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 is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Stretford
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. Please confirm the Lease plans are architect prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the input of my in-laws I had a survey completed on a property in Stretford in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders will not grant a loan on this type of premises.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stretford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stretford to see if the conveyancing costs will increase in light of this.
Is it best to instruct a Stretford conveyancing solicitor who is local to the property I am hoping to buy? We have a good friend who can carry out the legal formalities however they are based 200miles drive away.
The primary upside of using a high street Stretford conveyancing practice is that you can pop in to execute paperwork, hand in your ID and apply pressure on them if necessary. They will also have local insight which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and on the whole were happy that must trump using an unknown Stretford conveyancing solicitor just because they are Stretford based.
I am a negotiator for a busy estate agency in Stretford where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Stretford conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a split level flat in Stretford, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Stretford with a long lease are worth £185,000. The ground rent is £65 yearly. The lease expires on 21st October 2081
You have 60 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.