I can't travel far from Mitcham Junction. Please explain the reason why all Mitcham Junction solicitors aren't automatically on all mortgage company panels?
As unjust as it may appear for banks to limit who can represent them, from the public’s or conveyancer’s point of view, the other side of the coin is that lenders are becoming ever more anxious and regard it crucial to protect them against mortgage fraud. As a consequence of this concern banks have restricted their conveyancing panel to a size that they are happy to control.
I am the registered owner of a freehold residence in Mitcham Junction but still pay rent, why is this and what is this?
It is rare for properties in Mitcham Junction and has limited impact for conveyancing in Mitcham Junction 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 establishment 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 will be extinguished.
It has been 3 months since my purchase conveyancing in Mitcham Junction concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 residence 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.
What does commercial conveyancing in Mitcham Junction cover?
Mitcham Junction conveyancing for business premises incorporates a wide range of advice, provided by regulated solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I am looking at a two apartments in Mitcham Junction both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Mitcham Junction. The lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena.
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Mitcham Junction. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price payable.
An example of a Freehold Enfranchisement decision for a Mitcham Junction flat is 50 & 52 Southcroft Road in September 2013. The tribunals own valuation determined that the premium payable should be £29,000 This case affected 2 flats. The unexpired residue of the current lease was 86.11 and 60.64.
Is there a difference between surveying and conveyancing in Mitcham Junction?
Conveyancing - in Mitcham Junction or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for negotiating the buying price down or asking the seller to fix the problems prior to you move in.