I purchased a freehold house in Mountsorrel yet 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 have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old 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 dispensed with completely.
I am purchasing a flat and need a conveyancing solicitor in Mountsorrel who is on the Halifax approved. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Halifax in certain locations such as Mountsorrel. We dont recommend any particular firm.
What does a local search tell me about the house I am buying in Mountsorrel?
Mountsorrel conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Mountsorrel conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I'm buying my first flat in Mountsorrel with a mortgage from Aldermore. The sellers would not reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not inform my conveyancer about this extras as it will affect my mortgage with Aldermore. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 am employed by a busy estate agent office in Mountsorrel where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Mountsorrel conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a 1 bedroom flat in Mountsorrel, conveyancing formalities finalised 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Mountsorrel with a long lease are worth £260,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2101
You have 75 years unexpired the likely cost is going to range between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
My wife and I have selected a Mountsorrel conveyancing solicitor for our house purchase (first time buyers) and have noticed in the Ts and Cs that they are not regulated by the Financial Conduct Authority. Am I right to be concerned or is that the norm with conveyancer?
We can't see why they should be. Most solicitor don't lend money. They will be regulated by the SRA, who dictate stringent obligations covering monies held in their bank.