I purchased a freehold premises in Yaxley but still pay rent, why is this and what is this?
It’s unusual for properties in Yaxley and has limited impact for conveyancing in Yaxley 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 fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I am purchasing a new build house in Yaxley with the aid of help to buy. The builders would not budge the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not disclose to my solicitor about this extras as it may impact my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
What does commercial conveyancing in Yaxley cover?
Non domestic conveyancing in Yaxley incorporates a wide range of guidance, provided by regulated solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I need to instruct a conveyancing solicitor in Yaxley for my house move. Is it possible to see a solicitor's complaints history with the profession’s regulator?
Members of the public may find documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator could monitor call for training reasons.
I have just started marketing my 2 bed flat in Yaxley. Conveyancing lawyers have not yet been instructed, but I have just received a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the invoice as you normally would as all rents and maintenance payments should be apportioned 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 unless 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 bought a ground floor flat in Yaxley, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Yaxley with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2076
With just 55 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I have just appointed agents to market my basement flat in Yaxley.Conveyancing is yet to be initiated however I have recently had a yearly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice as normal because all rents and service invoices will be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser 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