I purchased a freehold premises in Brinklow yet charged rent, why is this and what is this?
It’s unusual for properties in Brinklow and has limited impact for conveyancing in Brinklow 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Do I need to pop into the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Brinklow so that I can attend their offices when needed.
These days conveyancing panel lawyers for mortgage companies carry out the vast majority of communications via the post, e-mail or over the phone. This enables them to undertake the conveyancing transaction regardless of where you live in England or Wales. However you should see if you can still book an appointment to visit conveyancing lawyer if you prefer.
Do commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Brinklow?
Its becoming the norm that commercial conveyancing solicitors in Brinklow will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Brinklow. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Brinklow.
For each commercial conveyancing transaction in Brinklow it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Brinklow commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Brinklow.
I'm buying a new build house in Brinklow with a loan from Bank of Ireland. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my solicitor about this side-deal as it would put at risk my loan with Bank of Ireland. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I decided to have a survey carried out on a house in Brinklow in advance of instructing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks will refuse to grant a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further with 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 Brinklow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Brinklow to see if the conveyancing costs will increase in light of this.
I want to let out my leasehold apartment in Brinklow. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Brinklow do not contain subletting altogether – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I purchased a studio flat in Brinklow, conveyancing having been completed 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Brinklow with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease expires on 21st October 2078
With just 53 years unexpired the likely cost is going to span between £27,600 and £31,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.