The property market in Chantry is hotting up. What can I do to speed up the legal process?
In the event that you are under pressure to complete it is advisable to make sure that your solicitor is familiar with the area as they will make use of local contacts and know-how. It is even conceivable that they would have conducted otherhouses in the same neighbourhood. Therefore consider using a Chantry conveyancing solicitor. In addition, ensure that the conveyancing firm is on the member panel. It is claimed that 18% of Chantry conveyancing deals are held up or jeopardised after finding out that a buyer’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the conveyancing being frustrated by almost three weeks. It is believed that this issue affects in the region of 100,000 home moves every year. Many Chantry conveyancing practices can not act for certain mortgage companies so do check at the outset.
I am the registered owner of a freehold property in Chantry but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Chantry and has limited impact for conveyancing in Chantry 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.
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 extinguished.
I am buying my first flat in Chantry benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my conveyancer about the extras as it will adversely affect my loan with the lender. Is this normal?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Chantry I like with amenity areas and railway links in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Chantry suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
We're novice buyers - had an offer accepted, but the property agent has warned us that the seller will only move forward if we instruct their chosen solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street solicitor with experience of conveyancing in Chantry
It is highly unlikely the owners are behind this. Should the owner desire ‘a quick sale', turning down a genuine purchaser is going to damage their objectives. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you are going to instruct your own,trusted Chantry conveyancing solicitors - rather thanthe ones that will give the estate agent a commission or meet his conveyancing figures set by HQ.
I own a leasehold flat in Chantry. Conveyancing and Platform Home Loans Ltd 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 1992. The conveyancing solicitor in Chantry who previously acted has long since retired. Any advice?
First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Chantry conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a 1 bedroom flat in Chantry, conveyancing formalities finalised September 2003. How much will my lease extension cost? Similar flats in Chantry with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2091
With only 66 years unexpired we estimate the premium for your lease extension to range between £11,400 and £13,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.