I own a freehold residence in Roker but nevertheless charged rent, why is this and what is this?
It is rare for properties in Roker and has limited impact for conveyancing in Roker 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.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Having invested time scouring online forums for an affordable solicitor in Roker, most advise that I must instruct a CQS assured lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home ownership transfers, trusted by some of the UK's leading lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Society for Licensed Conveyancers. Roker is one of the numerous areas in England and Wales where there are CQS solicitors.
I used Wolstenholmes a few years past for my conveyancing in Roker. Now, I need my documents however the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Roker of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the guidance of my in-laws I had a survey completed on a house in Roker prior to appointing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some lenders will refuse to give a loan on a flying freehold premises.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Roker. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Roker to see if the conveyancing will be more expensive.
I'm converting the mortgage on my current house to a buy to let loan with Barclays Direct and I will use the rest of the raised equity as a deposit on further house. The location we are interested in is Roker. Will your solicitors be able to act for the two banks and link together the conveyances?
Make use of our comparison tool on this page to ensure that the solicitors are on the relevant lender panels. Having checked that they are your conveyancer should be able to tie up the two deals but you should talk with you lawyer and specify your expectations and needs.
I am attracted to a couple of maisonettes in Roker both have about fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Roker is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat 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 residence 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 Roker 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Leasehold Conveyancing in Roker - Examples of Queries before buying
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How much is the maintenance charge and ground rent on the property? Most Roker leasehold flats will have a service charge for the upkeep of the building set on behalf of the management company. Should you acquire the flat you will have to pay this amount, normally quarterly throughout the year. This can be anything from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a rentcharge for you to pay yearly, normally this is not a large sum, say about £50-£100 but you should to enquire as on occasion it could be many hundreds of pounds. Generally speaking the outlay for major works are not built into the service charges, albeit that a few managing agents in Roker obliged leaseholders to contribute towards a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.