I own a freehold premises in Lymm but still charged rent, why is this and what is this?
It’s unusual for properties in Lymm and has limited impact for conveyancing in Lymm 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 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 in 2037 is to be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Lymm. I I am struggling to find out whether they are on the Virgin Money conveyancing panel. Could you advise?
The first thing to do is contact your lawyer and enquire whether they are on the lender panel. Otherwise you should get in touch with Virgin Money who may be able to confirm.
five months have elapsed following my purchase conveyancing in Lymm concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Lymm differ for new build properties?
Most buyers of new build property in Lymm approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Lymm tend to buy the real estate, 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 property lawyers 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 Lymm or who has acted in the same development.
All being well we will complete the disposal of our £125,000 flat in Lymm next Wednesday. The management company has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Lymm?
Lymm conveyancing on leasehold flats normally requires the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are at liberty to charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the charge is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I purchased a leasehold flat in Lymm, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Lymm with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2083
With just 58 years unexpired the likely cost is going to range between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
We had our home loan agreed in principle on Tuesday with our bank. We instructed a high street conveyancer in Lymm last week. Today, our broker phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the lender had some control over our choice Is this usual?
You can actually instruct any conveyancing solicitor you prefer to instruct including the said conveyancer in Lymm however if your bank aren't happy with them you would have to pay additional cost so your bank can instruct their own lawyers. It may be conceivable that your preferred conveyancing firm to get included on to the lender panel. You can use online search facilities such as lenderpanel.com to find a conveyancing solcitor in Lymm on the lender panel. You can go into your local lender branch in Lymm. They will know some good conveyancing solicitors in Lymm on the bank panel.