I am the registered owner of a freehold premises in Angmering yet charged rent, why is this and what is this?
It is rare for properties in Angmering and has limited impact for conveyancing in Angmering 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 post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My lawyer in Angmering is not listed on the Nottingham Building Society Solicitor Panel. Is it possible for me to retain my prefered solicitor even though they are excluded from the Nottingham Building Society panel?
The limited options available to you here include:
- Complete the purchase with your preferred Angmering solicitors but Nottingham Building Society will need to use a lawyer on their panel. This will result in additional total legal charges as well as result in frustration.
- Get an alternative practitioner to act in the purchase, not forgetting to check they are on the Nottingham Building Society panel
I have recentlydiscovered that Stirling Law have been shut down. They conducted my conveyancing in Angmering for a purchase of a leasehold apartment 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The easiest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Angmering conveyancing specialists.
How does conveyancing in Angmering differ for newly converted properties?
Most buyers of new build premises in Angmering contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Angmering usually 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 conveyancing solicitors 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 accustomed to new build conveyancing in Angmering or who has acted in the same development.
I decided to have a survey completed on a house in Angmering prior to retaining solicitors. I have been informed that there is a flying freehold element to the house. My surveyor advised that some banks will refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Angmering. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a reputable estate agency in Angmering where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Angmering conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 invested in buying a basement flat in Angmering, conveyancing having been completed 3 years ago. How much will my lease extension cost? Equivalent properties in Angmering with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2079
You have 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.