I purchased a freehold premises in Nether Edge but nevertheless pay rent, why is this and what is this?
It is rare for properties in Nether Edge and has limited impact for conveyancing in Nether Edge 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My property lawyer in Nether Edge is not listed on the Barclays Approved Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are excluded from the Barclays approved list?
Your options are as follows:
- Complete the purchase with your existing Nether Edge lawyers but Barclays will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the overall conveyancing fees as well as result in frustration.
- Get an alternative solicitor to act in the conveyancing, obviously checking they are Barclays approved.
- Try to convince your Barclays based solicitor to seek to join the Barclays panel
I am looking for a flat up to £245,000 and identified one close by in Nether Edge I like with a park and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Nether Edge in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Are there any apps to assist me to identify a Nether Edge solicitor on the Leeds Building Society conveyancing panel? I have wheels and am happy to travel upto 10miles to meet the solicitor.
You can use the tool on this website. Please select a bank and your location and you will see a number of Nether Edge conveyancing lawyers based on proximity. We have detailed some Nether Edge conveyancing firms at the bottom of this page and you can ring them to see if they are on the Leeds Building Society panel
I need to instruct a conveyancing lawyer in Nether Edge for my home move. Is there any facility to review a firm’s complaints history with the profession’s regulator?
Members of the public may see documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training purposes.
Why do Nether Edge conveyancing charges differ for leasehold and freehold properties?
When buying a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control