I own a freehold premises in Finedon but still charged rent, why is this and what is this?
It is rare for properties in Finedon and has limited impact for conveyancing in Finedon 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 generation of fresh rentcharges from 1977 onwards.
Previous 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.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Finedon. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
If you intend to re-mortgage then Bank of Ireland will insist on your using a conveyancer on the Bank of Ireland 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 Bank of Ireland 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 Bank of Ireland mortgage is registered as a charge at the Land Registry.
This question may be naive but I am wet behind the ears as a first time buyer of a two bedroom flat in Finedon. Do I receive the keys to the house on the completion date from my lawyer? If this is the case, I will find a High Street conveyancing solicitor in Finedon?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the seller's conveyancers, and once they have received this, you will be called to collect the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
I am due to move house in January. Should my conveyancing solicitor call the removal company on the day of completion. As an aside, can you put forward a removal company in Finedon. Conveyancing solicitor was organised prior to coming across your page.
On the afternoon of completion you will need to pick up the keys from your estate agent but this can only occur once the vendors conveyancers inform the agent that they acknowledge receipt of the completion payment and the keys can be released. After that you can inform the removal company that you are ready to move in. We do not suggest a specific removal company but can help you choose a residential property solicitor in Finedon or a firm that specialises in conveyancing in Finedon.
My sealed bid on a house in Finedon has been accepted, but there is a chain. The sellers have put an offer on on an apartment, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have chosen a high street conveyancing solicitor in Finedon. What should be my next step? At what point should I apply for the mortgage with TSB?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Finedon conveyancing search costs, etc). The first course of action is to ensure that your property lawyer is on the TSB approved list. As to the next stages this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a rising market the majority of home buyers would apply for the mortgage with TSB and pay for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
The deeds to our home are lost. The lawyers who conducted the conveyancing in Finedon 10 years ago have long since closed. What do I do?
These day there are duplicates made of almost everything, and your conveyancer should know precisely where to locate all the suitable documentation so you may purchase or sell your property without any difficulty. If copies are not available, your conveyancer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on your property.
Can you provide any advice for leasehold conveyancing in Finedon from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Finedon can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers’ conveyancers. Many freeholders or Management Companies in Finedon charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Finedon. A minority of Finedon leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Finedon state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you fail to have the approvals to hand do not communicate with the landlord without checking with your lawyer in the first instance. If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
I purchased a studio flat in Finedon, conveyancing formalities finalised February 2004. Can you work out an approximate cost of a lease extension? Equivalent flats in Finedon with over 90 years remaining are worth £216,000. The ground rent is £50 levied per year. The lease ends on 21st October 2093
With only 69 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
The conveyancing solicitors conducting our conveyancing in Finedon has sent documents to review that show the land is unregistered with epitome documents. Why is the property not registred at HMLR?
Whilst most properties in Finedon are now registered with the Land Registry there are still some that remain unregistered. Any property in Finedon that has been purchased since the late 1980’s will have been registered at the Land Registry under the compulsory ‘first registration’ scheme. However, if a Finedon property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Plenty of Finedon conveyancing practitioners will be able to handle this type of conveyancing but if any uncertainty reigns the usual recommendation these days appears to be for the seller to deal with the registration formalities first and then deal with the dispose of the property to the purchaser - this can though naturally result in a significant delay.