My husband and I are acquiring a newly built duplex in Lacock and my lawyer is advising me that she is duty bound to the lender to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold residence in Lacock yet pay rent, why is this and what is this?
It’s unusual for properties in Lacock and has limited impact for conveyancing in Lacock 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old 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 dispensed with completely.
I need some expedited conveyancing in Lacock as I am faced with pressure to complete in less than one month. Thankfully I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you are at liberty not to do searches although no solicitor would suggest that you don't. With lots of history conveyancing in Lacock the following are examples of issues that can crop up and adversely affect future saleability: Refused Planning Applications, Overdue Charges, Outstanding Grants, Railway Schemes,...
I have been on the look out for a flat up to £245,000 and identified one round the corner in Lacock I like with amenity areas and railway links in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Lacock in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
My business partner and I are planning to lease a unit on the high street. Can you recommend solicitors offering no-sale-no charges for non-domestic conveyancing in Lacock for below £1,200?
We can recommend firms who host a wealth of experience of commercial conveyancing in Lacock, including the disposal and acquisition of businesses as well as simply premises. Whether you are hoping to purchase or dispose of a shop, pub, restaurant, office, retail premises or a whole business we will find you the right solicitor. As for the costs this will depend on the structure and terms of the proposed transaction. Let us have your details or call so as to enable us to supply you with comprehensive commercial conveyancing calculation.
Can you provide any advice for leasehold conveyancing in Lacock from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Lacock can be bypassed where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers’ solicitors. If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unsettled. If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Organising a replacement share certificate is often a time consuming formality and delays many a Lacock conveyancing deal. If a new share is necessary, do contact the company officers or managing agents (if applicable) for this as soon as possible. Many freeholders or managing agents in Lacock charge for providing management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Lacock.
Lacock Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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How much is the ground rent and service charge? Best to be warned whether window replacement or some other significant cost is coming up to be shared between the leaseholders and will materially impact the level of the service charges or result in a specific payment. Most Lacock leasehold flats will have a service charge for the upkeep of the building set on behalf of the freeholder. If you buy the apartment you will have to meet this contribution, normally quarterly throughout the year. This may be anything from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met yearly, this is usually not a significant sum, say around £50-£100 but you need to check as occasionally it can be prohibitively expensive.