I own a freehold premises in Wolstanton but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Wolstanton and has limited impact for conveyancing in Wolstanton 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Do I need to pop into the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Wolstanton so that I can attend their offices if required.
As opposed to ten years ago, the vast majority banks no longer require their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to supply identification documents and there are still distinct benefits to using a locally based solicitor, in your situation a conveyancing solicitor in Wolstanton.
I am purchasing a property and the lawyer has referenced Chancel Repair to which the house could be obligated to pay as it falls into the area of such a church. He has suggested insurance. Is this really appropriate for conveyancing in Wolstanton
Unless a previous acquisition of the property took place post 12 October 2013 you could assume that conveyancing practitioners handling conveyancing in Wolstanton to remain recommending a chancel search and or chancel repair liability insurance.
I'm buying a new build house in Wolstanton benefiting from help to buy. The developers refused to move on the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not reveal to my lawyer about this deal as it would affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Given that I will soon part with £400,000 on a garden flat in Wolstanton I would like to have a conversation with the conveyancer regarding thehouse move in advance of giving the go ahead to the firm. Can this be arranged?
This is something that we recommend - we would be happy to talk to you we do not take any clients on without you speaking to the lawyer who will be conducting your property ownership legalities in Wolstanton.There is no ‘factory style conveyancing’ - each client is an important person, not a case number. The solicitors that we put you in touch with believe that the figure you are provided with for your conveyancing in Wolstanton should be the figure that you end up paying.
I work for a reputable estate agent office in Wolstanton where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Wolstanton conveyancing solicitors. Can you confirm whether the seller of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. 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 disposal of the property.
An alternative approach is 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 am the registered owner of a split level flat in Wolstanton, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Wolstanton with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2080
With 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.