I am the registered owner of a freehold residence in Wirral yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Wirral and has limited impact for conveyancing in Wirral 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
is it true that all Wirral solicitors on the Aldermore conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Aldermore conveyancing panel they would need to be governed by the SRA. Some lenders do permit licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
How can we know in advance if a Wirral conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Wirral seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor handling your conveyancing.
I am currently in the process of buying my council flat in Wirral. I have a mortgage offer with Co-operative. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
We are downsizing from our property in Wirral and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any high street Wirral lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a web based conveyancing firm rather than a conveyancing solicitor in Wirral. We have lived in Wirral for three years we know of no issue. Do we contact our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I am buying my first flat in Wirral with a loan from TSB. The sellers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The property agent told me not inform my solicitor about this side-deal as it may put at risk my loan with TSB. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I am looking for a ground for flat up to £305k and identified one near me in Wirral I like with a park and transport links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Wirral in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Back In 2005, I bought a leasehold flat in Wirral. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Wirral who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Wirral conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a ground floor flat in Wirral, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Wirral with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced annually. The lease terminates on 21st October 2087
With just 61 years left to run the likely cost is going to be between £19,000 and £22,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.