I own a freehold residence in Reddish but nevertheless pay rent, why is this and what is this?
It is rare for properties in Reddish and has limited impact for conveyancing in Reddish 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 hundreds of years, but the Rent Charge Act 1977 barred the generation 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 after 2037 is to be dispensed with completely.
My Conveyancer in Reddish has never been on on the Britannia Solicitor Panel. Can I still use my family solicitor even though they are not on the Britannia list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Reddish solicitors but Britannia will need to instruct a lawyer on their panel. This will result in additional total legal fees as well as result in frustration.
- Find an alternative lawyer to to deal with the purchase, not forgetting to check they are Britannia approved.
- Persuade your Britannia based solicitor to seek to join the Britannia panel
I am purchasing my first flat in Reddish with a loan from Barclays Direct. The sellers would not reduce the price so I negotiated £7000 of extras instead. The sale representative advised me not reveal to my conveyancer about this deal as it would adversely affect my loan with Barclays Direct. Do I keep my lawyer in the dark?.
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 into buying my first house which is in Reddish and I am already nervous. I couldn't find anything specific about Reddish. Conveyancing will be needed in due course but do you know about the Reddish area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Reddish. In the meantime here are some basic statistics that we found
I need to retain a conveyancing solicitor for leasehold conveyancing in Reddish. I've stumble across a web site which seems to have the perfect solution If there is a chance to get all the legals done via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am looking at a couple of flats in Reddish which have approximately 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Reddish is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Reddish conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a 1st floor flat in Reddish, conveyancing was carried out 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Reddish with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2084
With 59 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.