I own a freehold premises in Hook Norton yet charged rent, why is this and what is this?
It is rare for properties in Hook Norton and has limited impact for conveyancing in Hook Norton 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 fresh rentcharges from 1977 onwards.
Old 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 dispensed with completely.
The Hook Norton conveyancing lawyers that I appointed last week on my purchase in Hook Norton have suddenly closed. They were on acting for me because I had to have a lawyer on the Barclays conveyancing panel and my previous Hook Norton lawyer was not. I paid them £170 in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
I have been on the look out for a flat up to £245,000 and identified one round the corner in Hook Norton I like with open areas and station in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Hook Norton in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My husband and I are FTB’s - agreed a price, but the selling agent told us that the vendor will only issue a contract if we instruct their preferred conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Hook Norton
It is improbable the sellers are behind this. If they desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is counter productive. Speak to the vendors direct and make sure they understand (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you will continue to appoint your own,trusted Hook Norton conveyancing firm - rather thanthe ones that will give their negotiator at the agency a kickback or meet his conveyancing targets pre-set by HQ.
I’m about to sell my 2 bed flat in Hook Norton. Conveyancing solicitors are to be appointed soon, however I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as you normally would as all rents and service payments will be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment 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.
I bought a 1 bedroom flat in Hook Norton, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Hook Norton with an extended lease are worth £190,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2087
With 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Can a conveyancer remove a name from the title of my home in Hook Norton ?
Extracting or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a conveyancing practitioner to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer