Find a Lender-Approved Local Conveyancer in Old Oak Common

I am the registered owner of a freehold house in Old Oak Common but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in Old Oak Common and has limited impact for conveyancing in Old Oak Common 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 post 1977.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.

Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Old Oak Common so that I can pop in to their offices when needed.

Whereas this was necessary 15 years ago, the vast majority banks no longer oblige their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to provide ID documents and there are still distinct advantages to choosing a locally based practitioner, in your case a conveyancing solicitor in Old Oak Common.

I'm purchasing a new build house in Old Oak Common with a loan from Aldermore. The sellers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my solicitor about this side-deal as it may impact my loan with the lender. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer 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 looking for a flat up to £245,000 and identified one close by in Old Oak Common I like with amenity areas and station nearby, however it only has 51 years on the lease. I can't really find anything else in Old Oak Common suitable, so just wondered if I would be making a mistake buying a lease with such few years left?

If you need a mortgage the shortness of the lease will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.

I have been advised by a couple of local property agents in Old Oak Common to find a solicitor on your site. What’s the financial inducement for Estate Agents to offer your services over and above a competitor’s?

We don’t offer any commission for directing people in our direction. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.

All being well we will complete the disposal of our £250,000 apartment in Old Oak Common in nine days. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Old Oak Common?

For the majority of leasehold sales in Old Oak Common conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

Completing conveyancing due diligence enquiries Where consent is required before sale in Old Oak Common Supplying insurance information Deeds of covenant upon sale Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Old Oak Common leasehold premises is £350. For Old Oak Common conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Old Oak Common conveyancing firm to act on my behalf?

Absolutely. We can put you in touch with a Old Oak Common conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Old Oak Common flat is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the
first floor flat This case related to 2 flats. The unexpired residue of the current lease was 68.47 years.