I am the registered owner of a freehold premises in Lake but still charged rent, why is this and what is this?
It’s unusual for properties in Lake and has limited impact for conveyancing in Lake 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 redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I used Arc property Solicitors a few years ago for my conveyancing in Lake. Now, I need my files however cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Lake of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am purchasing my first flat in Lake with the aid of help to buy. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The house builders rep told me not to tell my conveyancer about this deal as it could affect my mortgage with Norwich and Peterborough Building Society. 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 done on a house in Lake ahead of instructing conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders may refuse to grant a mortgage on such a property.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lake. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lake to see if the conveyancing costs will increase in light of this.
What makes your site different to alternative online quote calculators for conveyancing in Lake?
At this site get an accurate costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Lake. Unlike many estate agents and many comparison sites we do not operate kick-back deals with solicitors. Many agents and online brokers 'recommend' solicitors paying the highest kickback, not the best value conveyancing in Lake
In relation to leasehold conveyancing in Lake what are the most frequent lease problems?
Leasehold conveyancing in Lake is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain parts of the building
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
Lake Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
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How much is the ground rent and service charge? Plenty Lake leasehold properties will be liable to pay a service charge for the upkeep of the building invoiced by the freeholder. If you acquire the apartment you will have to meet this amount, normally periodically throughout the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met yearly, ordinarily this is not a exorbitant figure, say approximately £25-£75 but you need to enquire as sometimes it could be surprisingly expensive.