I own a freehold house in Wolston but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Wolston and has limited impact for conveyancing in Wolston 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
What will a local search reveal concerning the property I am buying in Wolston?
Wolston conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example PSG The local search plays a central role in most Wolston conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I opted to have a survey carried out on a house in Wolston ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some banks tend not grant a mortgage on such a home.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wolston. Conveyancing will be smoother if you use a solicitor in Wolston especially if they are accustomed to such properties in Wolston.
My husband and I are novice buyers - had an offer accepted, yet the selling agent has warned us that the vendor will only proceed if we appoint their preferred conveyancers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local solicitor used to conveyancing in Wolston
It is unlikely the sellers are behind this. Should the vendor desire ‘a quick sale', turning down a genuine purchaser is counter productive. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are ready to go, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)but you will continue to use your own,trusted Wolston conveyancing lawyers - not the ones that will earn the estate agent a referral fee or hit his conveyancing thresholds set by senior management.
I’m about to sell my 2 bed flat in Wolston. Conveyancing has not commenced, however I have just received a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as you normally would given that all rents and maintenance charges will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a ground floor flat in Wolston, conveyancing was carried out 5 years ago. How much will my lease extension cost? Comparable flats in Wolston with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2082
With just 58 years remaining on your lease the likely cost is going to span between £23,800 and £27,400 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. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
To what extent are Wolston conveyancing solicitors duty bound by the Law Society to publish clear conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Wolston or across England and Wales.