I purchased a freehold premises in Grantham but still invoiced for rent, why is this and what is this?
It is rare for properties in Grantham and has limited impact for conveyancing in Grantham 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 post 2037 will be extinguished.
Can you clarify what the consequences are if my solicitor is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Grantham?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm purchasing my first flat in Grantham with a mortgage from The Mortgage Works. The builders would not budge the price so I negotiated 6k of fixtures and fittings instead. The sale representative told me not inform my conveyancer about the extras as it may put at risk my mortgage 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.
I decided to have a survey completed on a house in Grantham before instructing solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some banks may refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Grantham. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Grantham cover?
Commercial conveyancing in Grantham incorporates a broad range of services, supplied by qualified solicitors, relating to business property. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I’m about to sell my garden apartment in Grantham.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – what should I do?
It best that you pay the service charge as you normally would given that all rents and maintenance payments should be apportionedon completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially