I am the registered owner of a freehold premises in Harton but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Harton and has limited impact for conveyancing in Harton 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 have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We're in Harton, FTBs purchasing with a mortgage (lender is Aldermore , and our solicitor is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will my conveyancer be raising enquiries regarding flooding during the conveyancing in Harton.
Flooding is a growing risk for conveyancers conducting conveyancing in Harton. Some people will purchase a house in Harton, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Harton. The standard information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to find out if the property has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the seller, then a purchaser may bring a legal claim for losses as a result of such an incorrect reply. The buyer’s lawyers will also order an environmental report. This should higlight if there is any known flood risk. If so, additional inquiries will need to be carried out.
How does conveyancing in Harton differ for newly converted properties?
Most buyers of new build or newly converted property in Harton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Harton usually acquire the site, 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 accustomed to new build conveyancing in Harton or who has acted in the same development.
What does commercial conveyancing in Harton cover?
Commercial conveyancing in Harton covers a broad range of advice, offered by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment 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 am on look out for some leasehold conveyancing in Harton. Before diving in I would like to find out the unexpired term of the lease.
If the lease is registered - and most are in Harton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a split level flat in Harton, conveyancing formalities finalised 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Harton with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2078
With only 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.