I own a freehold premises in Marlow yet charged rent, why is this and what is this?
It’s unusual for properties in Marlow and has limited impact for conveyancing in Marlow 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 new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am looking to buy a flat and need a conveyancing solicitor in Marlow who is on the Santander solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Santander in certain locations such as Marlow. We dont recommend any particular firm.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Marlow?
There are two types of lawyers who can carry out conveyancing in Marlow namely licenced conveyancers or solicitors. The two can provide the legal services that you need to complete the sale or purchase of property. They are both obliged to perform Marlow conveyancing on similar quality and guidelines so you may be safe in the knowledge that your conveyancing will be properly administered and that the requirements and procedures will be appropriately followed.
I am the single recipient of my late mum's will and I have everything in my name now, including the my former home in Marlow. The Marlow property was put into my name in September. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the property in September. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view banks take of it, depend on the lender as this requirement principally exists to identify the purchase and immediately sell or the wholesaling and assigning of property.
I have instructed a Marlow solicitor having made sure that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Marlow postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Marlow.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when buying a property in Marlow?
Unless a previous acquisition of the property took place post 12 October 2013 you could expect conveyancing practitioners handling conveyancing in Marlow to remain recommending a chancel search and or chancel repair liability insurance.
I have todaydiscovered that Stirling Law have been shut down. They carried out my conveyancing in Marlow for a purchase of a leasehold apartment 10 months ago. How can I establish that my home is registered correctly in the name of the previous owner?
The quickest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Marlow conveyancing specialists.
Do you have any top tips for leasehold conveyancing in Marlow with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Marlow can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers’ representatives. A minority of Marlow leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the freehold, you should make sure that you hold the original share certificate. Arranging a replacement share certificate can be a time consuming formality and frustrates many a Marlow conveyancing deal. Where a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
Marlow Conveyancing for Leasehold Flats - A selection of Queries before buying
-
How is the lease structured? For many Marlow leaseholds the cost for major works are not incorporated into the service charges, albeit that some managing agents in Marlow require leasehold owners to pay into a sinking fund created for the specific purpose of building a fund for major repairs or maintenance.