I am in a contract race with another prospective purchaser for a property in Branston. What can be done to speed up the conveyancing process?
In a situation where you are under time constraints to sign contracts it is advisable to make sure that your conveyancer is familiar with the location as they will benefit local relationships and insight. It is possible that they would have conducted otherproperties in the same street. You would be best advised to use a Branston conveyancing firm. Second, make sure that the conveyancing firm is on the member panel. It is believed that 18% of Branston conveyancing transactions are suspended or derailed after discovering a purchaser’s solicitor was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the transaction being held up by an average of three weeks. It is claimed that this issue impacts approximately one hundred thousand home sales annually. Most Branston conveyancing firms can not represent certain banks so do check as early as possible.
I am the registered owner of a freehold residence in Branston but still charged rent, why is this and what is this?
It’s unusual for properties in Branston and has limited impact for conveyancing in Branston 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Are the BSA intent on creating a search tool with a view to to identify practices on the Darlington Building Society conveyancing panel for example in Branston?
We would not expect to be advised of any plans on the part of the BSA to promote such a register.
I have been on the look out for a flat up to £195,000 and found one close by in Branston I like with a park and railway links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Branston for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My father-in-law has urged me to instruct his conveyancing solicitors in Branston. Should I find my own solicitor?
There are no two ways about it the best way to choose a conveyancing practitioner is to have guidance from friends or relatives who have actually experience in using the firm you're considering.
Back In 2003, I bought a leasehold flat in Branston. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Branston who acted for me is not around. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Branston conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a ground floor flat in Branston, conveyancing formalities finalised December 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Branston with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2086
With 61 years left to run we estimate the price of your lease extension to range between £18,100 and £20,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.