I purchased a freehold property in Aldgate but still invoiced for rent, why is this and what is this?
It is rare for properties in Aldgate and has limited impact for conveyancing in Aldgate 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 generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My wife and I are buying a flat in Aldgate. It might be a silly question but how we can trust a conveyancer? On the day of competition we will need to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
It is unclear whether my mortgage offer requires a lease extension. I have called my Aldgate building society branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Aldgate conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
The property lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Our offer on a house in Aldgate has been agreed to, but there is a chain. The vendors have offered on a flat, however it’s not been accepted yet, and are looking at other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Aldgate. What should be my next step? At what stage should I apply for the mortgage with RBS?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of £1k, then survey, Aldgate conveyancing search fees, etc). The first course of action is to ensure that your solicitor is on the RBS approved list. Regarding the subsequent steps this very much depends on the uniqueness of your case, desire for this property and on the state of the market. In a rising market many buyers will apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they ask their conveyancer to move forward with the conveyancing in Aldgate.
Just bought a semi-detached house in Aldgate , how long should it take for the Land Registry to record the transfer to my name? My Aldgate conveyancing solicitor works at snail pace, so I want to check that my ownership is recorded.
There is nothing unique about conveyancing in Aldgate registration formalities. As opposed to being determined by geographic area, timescales can differ depending on who lodges the application, whether it is in order and whether the Land registry communicate with any 3rd parties. At present roughly 80% of submission are completed within two weeks but some can be subject to extensive delays. Historically registration occurs once the new owner is living at the property so post completion formalities is not always primary concern yet if there is a degree of urgency associated with the registration then you or your lawyers should contact the land registry and explain the circumstances.
How does conveyancing in Aldgate differ for new build properties?
Most buyers of new build premises in Aldgate contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Aldgate typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Aldgate or who has acted in the same development.
I've recently bought a leasehold property in Aldgate. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We have reached the end of our tether in trying to reach an agreement for a lease extension in Aldgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the price.
An example of a Freehold Enfranchisement case for a Aldgate premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired term as at the valuation date was 107 years.
We have been advised by various estate agents to expect up to two months for Aldgate conveyancing to complete.This was 3 ago. The paperwork was only forwarded from the vendors lawyer last week so does the time start running now?
You should not count on completing on a specific date until contracts are exchanged. Whatever promises the people you are buying from or selling to make, or your solicitor gives don't rely on them. More stress is caused to clients trying to move home by false assurances than anything else.