I own a freehold premises in Rishton but still charged rent, why is this and what is this?
It is rare for properties in Rishton and has limited impact for conveyancing in Rishton 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 generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
My Conveyancer in Rishton has never been on on the Virgin Money Approved Panel. Can I still continue with my prefered solicitor notwithstanding that they are not on the Virgin Money panel of approved conveyancing solicitors?
The limited options open to you here include:
- Carry on with your preferred Rishton solicitors but Virgin Money will need to instruct a lawyer on their list of acceptable firms. This will inevitably rack up the overall conveyancing charges as well as cause frustration.
- Get a new practitioner to to deal with the conveyancing, remembering to check they are on the Virgin Money panel
I'm purchasing a new build house in Rishton with a loan from The Royal Bank of Scotland. The builders would not move on the price so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my solicitor about the side-deal as it will adversely affect my loan with The Royal Bank of Scotland. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Rishton I like with amenity areas and railway links nearby, however it only has 49 remaining years left on the lease. There is not much else in Rishton suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage that many years may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Rishton. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Rishton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Rishton in which case you should be looking for a Rishton conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I purchased a 1 bedroom flat in Rishton, conveyancing was carried out February 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Rishton with an extended lease are worth £195,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2089
With just 63 years left to run the likely cost is going to be between £16,200 and £18,600 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
My conveyancing in Rishton is completing next Friday, however the person I am purchasing off wishes to vacate on the Saturday midday. Do I accept such a idea?
Where you require a loan then your property lawyer will require that the property isvacant on Friday - the lending institution will demand it.