I am in the market for a low cost conveyancer. Should I go for for a web based conveyancer as opposed to a local Summertown and Botley conveyancing lawyer?
Established third party relationships is an important consideration when appointing conveyancing lawyers. Summertown and Botley conveyancers often have long term relationships with financial advisers and agents, local authorities, surveyors and other law firms meaning the whole process is going to be much more straightforward for you. Hosting a well rounded intelligence of the local area also helps too.
I own a freehold premises in Summertown and Botley but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Summertown and Botley and has limited impact for conveyancing in Summertown and Botley 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 generation of fresh rentcharges from 1977 onwards.
Previous 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Summertown and Botley. 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 conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Summertown and Botley
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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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I opted to have a survey carried out on a property in Summertown and Botley in advance of appointing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies tend refuse to issue a mortgage on such a house.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Summertown and Botley. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be suspicious about third parties that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Summertown and Botley conveyancing firm?
As with many professional services, often referrals from relatives can be very helpful. Nevertheless there are lots of parties with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders may suggest lawyers to select. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the recommendation. You have the right to select your own conveyancer. However, bear in mind that the majority of lenders operate an approved list of solicitors you must use for the mortgage related work in your transaction.
I've recently bought a leasehold house in Summertown and Botley. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Summertown and Botley Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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This information is important as a) areas could result in problems in the building as the common areas may start to deteriorate if services remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have complete disclosure How many of the leaseholders are in arrears for their service charge payments? It would be sensible to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to every day issues like the upkeep of the common parts. Don't be afraid to ask other people what they think of their management. On a final note, be sure you discover the dates that the maintenance fees are due to the managing agents and precisely what it includes.