I purchased a freehold property in Oxford yet charged rent, why is this and what is this?
It is rare for properties in Oxford and has limited impact for conveyancing in Oxford 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
When researching mumsnet.com for a recommended solicitor in Oxford, most say that I should instruct a CQS kitemarked lawyer. What is CQS?
Oxford Conveyancing Quality Scheme solicitors have achieved accreditation under the Law Society's Scheme (CQS) CQS was brought about to promote high standards in the home legal process. CQS enables consumers to identify solicitor firms who provide a quality residential conveyancing. Oxford is one of locations in England and Wales in which CQS have a presence. The conveyancing scheme obliges practices to undergo a strict assessment, compulsory training, self-certification, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
What is your number one tip for choosing a conveyancing solicitor in Oxford
It would be unwise to be seduced by the lowest Oxford conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
Can I be sure that the Oxford conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Oxford seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor carrying out your transaction.
At last I have had an offer on an apartment in Oxford accepted, the owners do nevertheless have a connected purchase. The owners have placed an offer on a property, but it’s not yet tied up, and are looking at other properties in the pipeline. I have chosen a high street conveyancing solicitor in Oxford. What should be my next step? When should I get the mortgage application with UBS started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then valuation, Oxford conveyancing search costs, etc). First, you should ensure that your conveyancing practitioner is on the UBS approved list. As to the subsequent phase this very much depends on the uniqueness of your case, desire for the property and on the state of the market. In a rising market some buyers will apply for the mortgage with UBS and arrange for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with the conveyancing in Oxford.
Due to the guidance of my in-laws I had a survey completed on a property in Oxford in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks will not issue a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Oxford. Conveyancing will be smoother if you use a solicitor in Oxford especially if they regularly deal with such properties in Oxford.
In my capacity as executor for the will of my father I am disposing of a residence in Newport but I am based in Oxford. My conveyancer (approximately 260 miles awayrequires that I execute a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Oxford who can attest this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are Oxford based
Having checked my lease I have discovered that there are only Seventy years unexpired on my flat in Oxford. I am keen to get lease extension but my landlord is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. On the whole a specialist should be helpful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Oxford.
I am the registered owner of a studio flat in Oxford, conveyancing formalities finalised 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Oxford with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2079
You have 54 years remaining on your lease we estimate the price of your lease extension to be between £32,300 and £37,400 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.