I purchased a freehold house in Romiley but still charged rent, why is this and what is this?
It is rare for properties in Romiley and has limited impact for conveyancing in Romiley 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 fresh rentcharges from 1977 onwards.
Old 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.
The Romiley conveyancing solicitors that I appointed last week on my house acquisition in Romiley have without warning closed. I only went with them because I had to have a solicitor on the Nottingham conveyancing panel and my previous Romiley lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham 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 lawyers should be in a position to assist.
I have been told that property searches are the number one cause of delay in Romiley house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Romiley.
How does conveyancing in Romiley differ for new build properties?
Most buyers of new build or newly converted property in Romiley contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Romiley typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Romiley or who has acted in the same development.
I am in need of some leasehold conveyancing in Romiley. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Romiley - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a 1 bedroom flat in Romiley, conveyancing was carried out 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Romiley with a long lease are worth £185,000. The ground rent is £65 per annum. The lease terminates on 21st October 2085
With 60 years remaining on your lease the likely cost is going to range between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above 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 may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
Can you shed any light on the extent of conveyancing dealt with by Romiley conveyancing solicitors?
Generally most Romiley conveyancing companies will carry out a broad range of legal advice to residential and agricultural land owners, vendors, buyers, landlords and tenants which may include:
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Property sale conveyancing in Romiley or throughout the rest of the country
Residential purchase conveyancing in Romiley and beyond
Equity Release conveyancing Right to Buy from a local council Attending to first registration Shared ownership conveyancing throughout England and Wales rather than just Romiley