I purchased a freehold house in Mountsorrel but still charged rent, why is this and what is this?
It is rare for properties in Mountsorrel and has limited impact for conveyancing in Mountsorrel 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Mountsorrel. I I would like to check if they are on the Bank of Scotland conveyancing panel. Could you help?
The first thing you should do is phone the conveyancer and enquire if they can act for the bank. Otherwise you can call Bank of Scotland who may be able to confirm.
I require expedited conveyancing in Mountsorrel as I have an ultimatum to complete inside 3 weeks. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
As you are are a mortgage free buyer you have the choice not to do searches although no lawyer would advise that you don't. Drawing on years of experience of conveyancing in Mountsorrel the following are instances of what can crop up and adversely affect future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Mountsorrel is the location of the property. Is there any guidance you can impart?
Flying freeholds in Mountsorrel are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mountsorrel you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mountsorrel may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I best advised to go with a Mountsorrel conveyancing lawyer based in the vicinity that I am buying? We have a good friend who can handle the legal work but they are based 400kilometers drive away.
The benefit of a local Mountsorrel conveyancing firm is that you can pop in to execute documents, hand in your identification documents and apply pressure on them if necessary. They will also have local insight which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and on the whole were impressed that must trump using an unknown Mountsorrel conveyancing lawyer solely due to them being Mountsorrel based.
I have just started marketing my garden apartment in Mountsorrel. Conveyancing is yet to be initiated, however I have recently received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as usual because all rents and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the registered owner of a 1st floor flat in Mountsorrel, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Mountsorrel with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2079
You have 55 years left to run the likely cost is going to be between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.