I am the registered owner of a freehold house in Dunvant but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Dunvant and has limited impact for conveyancing in Dunvant 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 creation 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 extinguished.
We wanted to use a property lawyer in Dunvant for our house purchase. Our broker has since advised us that our mortgage company Skipton Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Banks on the whole restrict either the category or the volume of conveyancing firms on their panel. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, a few lenders have decided to limit the number of firms they use to act for them. Be aware that Skipton Building Society have no responsibility for the quality of advice provided by any member of Skipton Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there are mixed views about the level of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that hundreds of law firms, including some in or near Dunvant only perform a couple conveyances per annum.
Due to the encouragement of my in-laws I had a survey completed on a property in Dunvant in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some banks will not issue a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Dunvant. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I use a Dunvant conveyancing practitioner who is local to the property I am hoping to buy? I have an old university friend who can conduct the legal work however his firm is located 200kilometers away.
The primary upside of using a local Dunvant conveyancing firm is that you can drop in to sign paperwork, hand in your ID and pester them if necessary. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were impressed that should trump using an unfamiliar Dunvant conveyancing solicitor solely due to them being based in the area.
I work for a long established estate agent office in Dunvant where we see a number of flat sales put at risk as a result of short leases. I have been given contradictory information from local Dunvant conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 own a ground floor flat in Dunvant, conveyancing having been completed in 2012. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Dunvant with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease expires on 21st October 2078
You have 53 years left to run the likely cost is going to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending 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 taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Is it true that a Dunvant conveyancing solicitor got sued by a client for failing to conduct the right conveyancing searches?
We are not aware of such a Dunvant conveyancing claim but according to a recent report, clients buying a house in Cumbria successfully sued their conveyancing practitioner due to development permission to construct a wind farm failing to be identified in conveyancing searches.
If you are contemplating buying a home in Dunvant It is important that your property lawyer carry out all Dunvant conveyancing searches required to ensure you have relevant and current information before buying a property.