I am buying a property without a mortgage in Tetbury. I have been residing for the last dozen years in Tetbury. Conveyancing searches are a lot of money. Given that I have knowledge of the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Tetbury conveyancing searches are non-obligatory. Your solicitor will 'advise', perhaps strongly, that you should have searches done, but he has a professional duty to take that path of encouragement . Do take into account; if you are likely to dispose of the house at a future date, it could be of interest to your future buyer what the searches contain. Sometimes premises with no practical issues can still reveal unpredicted search results. A competent conveyancing solicitor in Tetbury should provide you some constructive advice here.
I own a freehold premises in Tetbury but still pay rent, why is this and what is this?
It is rare for properties in Tetbury and has limited impact for conveyancing in Tetbury 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 creation of new rentcharges post 1977.
Old 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.
I am purchasing a house and the solicitor has referenced Chancel Repair for which the house may be obligated to contribute to given it’s proximity to the area of such a church. She has suggested insurance. Is this strictly required for conveyancing in Tetbury
Unless a previous purchase of the premises took place post 12 October 2013 you may take it that lawyers handling conveyancing in Tetbury to continue to propose a a chancel search and or insurance against a claim.
I have recentlyfound out that Wolstenholmes have been shut down. They conducted my conveyancing in Tetbury for a purchase of a leasehold apartment 18 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The quickest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Tetbury conveyancing specialists.
Do I need to be concerned about estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Tetbury conveyancing company?
As is the case with lots of professional services, often input from connections can be worth their weight in gold. But there are lots of parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may suggest lawyers to appoint. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the right to appoint your preferred conveyancer. Don't forget that some mortgage providers operate an approved list of solicitors you are obliged to use for the mortgage related work in your home move.
I work for a busy estate agency in Tetbury where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Tetbury conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
I invested in buying a studio flat in Tetbury, conveyancing formalities finalised in 2005. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Tetbury with an extended lease are worth £216,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2095
You have 69 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.