I am the registered owner of a freehold house in Patcham yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Patcham and has limited impact for conveyancing in Patcham 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 lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
The Patcham conveyancing firm that I recently instructed on my house acquisition in Patcham have without warning shut down. I only went with them because I needed a firm on the Lloyds conveyancing panel and my family Patcham lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
I'm the single recipient of my late father’s will with all property in now in my sole name, including the house in Patcham. Conveyancing formalities meant that the Land Registry date was in August. I want to move. I understand that there is a CML six month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the property in August. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view mortgage companies take of it, depend on the lender as this provision is primarily there to identify subsales or the flipping of property.
We are getting a further advance on our mortgage from Yorkshire BS as we wish to carry out a loft conversion to our house in Patcham. Are we obliged to choose a local Patcham solicitor on the Yorkshire BS conveyancing panel to deal with the legals?
Yorkshire BS don't usually require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
We were going to get a OIP from TSB this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any Patcham solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Patcham solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Patcham?
Unless a previous acquisition of the premises took place after 12 October 2013 you can take it that lawyers conducting conveyancing in Patcham to continue to recommend a chancel search and or insurance against a claim.
What does commercial conveyancing in Patcham cover?
Patcham conveyancing for business premises covers a wide array of advice, offered by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am employed by a reputable estate agent office in Patcham where we have witnessed a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Patcham conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 sale.
An alternative approach is 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 purchaser.
I purchased a 2 bed flat in Patcham, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Patcham with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2096
With just 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure 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 considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.