I am purchasing a property for cash in Erith. I have been living for the last dozen years in Erith. Conveyancing searches are a lot of money. As I know the area and road intimately must I have all the conveyancing searches?
Provided that you do not need a mortgage, then almost all of the Erith conveyancing searches are at your discretion. Your conveyancer will try and sway you, perhaps strongly, that you should have searches completed, but he has a professional duty to take that path of guidance. One thing to take into account; if you are going to dispose of the house at a future date, it may be of interest to your prospective buyer what the searches disclose. There are plenty of instances where premises with no practical issues can still throw up unpredicted search results. A good conveyancing solicitor in Erith should be able to give you some practical advice concerning this.
I own a freehold premises in Erith yet charged rent, why is this and what is this?
It is rare for properties in Erith and has limited impact for conveyancing in Erith 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My brother-in-law has suggested I instruct a conveyancing solicitor in Erith. I I am struggling to find out if they are on the Birmingham Midshires approved list of lawyers. Could you advise?
You should contact the conveyancer and enquire whether they are on the lender panel. Alternatively you should call Birmingham Midshires who may be able to help.
I am looking into buying my first house which is in Erith and I am already nervous. I couldn't find anything specific about Erith. Conveyancing will be needed in due course but do you know about the Erith area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Erith. In the meantime here are some basic statistics that we found
Is it best to instruct a Erith conveyancing practitioner based in the vicinity that I am hoping to buy? An old friend can conduct the legal work however her office is over three hundred miles away.
The primary upside of using a high street Erith conveyancing practice is that you can attend the office to sign documents, present your ID and apply pressure on them if necessary. Having local Erith know how is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were happy that should outweigh using an unknown Erith conveyancing lawyer solely due to them being local.
I am looking at a two maisonettes in Erith both have in the region of fifty years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Erith is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Erith conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have given up trying to purchase the freehold in Erith. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Lease Extension matter before the tribunal for a Erith property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term as at the valuation date was 76 years.