I own a freehold house in Chase Side but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Chase Side and has limited impact for conveyancing in Chase Side 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 generation of new 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 will be dispensed with completely.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Chase Side. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then Virgin Money will insist on your using a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
How does conveyancing in Chase Side differ for new build properties?
Most buyers of new build premises in Chase Side contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Chase Side usually buy 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 conveyancers 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 used to new build conveyancing in Chase Side or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one round the corner in Chase Side I like with open areas and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Chase Side for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
What does commercial conveyancing in Chase Side cover?
Chase Side conveyancing for business premises covers a broad range of guidance, given by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
Developers have recommended to me a solicitor and I've obtained a quote from them. It's almost £250 less expensive than my preferred Chase Side solicitor. What's the catch?
Developers frequently have lists of property lawyers who are quick and who know the builder's documentation and conveyancing practitioner. Plenty of developers offer an inducement to select a preferred lawyer for this reason, any increased fees can be avoided and a builder will not suggest a conveyancing factory and run the risk of having the conveyancing delayed when they want exchange inside a month. A counter-argument for not opting for the recommended conveyancing practitioner is that they may be reluctant to 'push' your interests for fear of alienating the sellers. If you worry that this may be the situation you should keep with your local Chase Side solicitor.