I am the registered owner of a freehold property in Altrincham but still charged rent, why is this and what is this?
It’s unusual for properties in Altrincham and has limited impact for conveyancing in Altrincham 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 creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Can you clarify what the consequences are if my solicitor is expelled from the HSBC Solicitor panel ahead of completing my conveyancing in Altrincham?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Due to the advice of my in-laws I had a survey completed on a property in Altrincham ahead of instructing solicitors. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies may refuse to give a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Altrincham. Conveyancing may be slightly more expensive based on your lender's requirements.
Given that I will soon spend over three hundred thousand on 3 bedroom house in Altrincham I wish to have a conversation with the conveyancer concerning theconveyancing in advance of appointing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer due to be carrying out your conveyancing in Altrincham.There is no ‘factory style conveyancing’ - every client is unique person, not a case reference. The practices that we put you in touch with believe that the fees you are provided with for your conveyancing in Altrincham should be the figure that you end up paying.
In relation to leasehold conveyancing in Altrincham what are the most frequent lease defects?
Leasehold conveyancing in Altrincham is not unique. Most leases are unique and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain elements of the building
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Altrincham Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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It would be wise to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the cleanliness of the common parts. You should not be shy to ask other tenants what they think of them. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. It is important to be aware if fixing the lift or some other significant cost is due shortly to be shared by the leaseholders and will materially increase the the service fees or require a specific payment.
When it comes to my conveyancing in Altrincham should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Altrincham conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.