I own a freehold house in Tetbury but nevertheless charged 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 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 extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Tetbury. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then UBS will insist on your using a conveyancer on the UBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your UBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the UBS mortgage is registered as a charge at the Land Registry.
How can the Landlord & Tenant Act 1954 impact my commercial premises in Tetbury and how can your lawyers assist?
The 1954 Act provides security of tenure to business lessees, giving them the a statutory right to make a request to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Tetbury is one of our many locations in which the firms we work with are based
I am thinking of appointing a conveyancing solicitor in Tetbury for my remortgage. Can I review a firm’s complaints history with the profession’s regulator?
You may see presented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The SRA may monitor telephone calls for training purposes.
I am a negotiator for a long established estate agency in Tetbury where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Tetbury conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?
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 proposed purchaser can avoid having to wait 2 years to extend their lease. 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 sale.
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 purchaser.
I acquired a 2 bed flat in Tetbury, conveyancing formalities finalised in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Tetbury with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2095
You have 69 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Finally our conveyancing in Tetbury is completing next Friday, but the couple I am buying from wants to vacate 24 hours later at at 2pm. Should I agree to such a idea?
It is not possible to complete on a Saturday due to the bank systems aren't working.