I am hoping to receive a offer of a home loan from Nat West. My intention is to use a Licensed Conveyancer in Smithfield. Does the Nat West Solicitor panel allow for Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I own a freehold property in Smithfield yet invoiced for rent, why is this and what is this?
It is rare for properties in Smithfield and has limited impact for conveyancing in Smithfield 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
About to purchase a new build flat in Smithfield. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Smithfield
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the advice of my in-laws I had a survey completed on a property in Smithfield in advance of retaining solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks may refuse to give a loan on such a premises.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Smithfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Smithfield to see if the conveyancing costs will increase in light of this.
I am attracted to a two maisonettes in Smithfield both have in the region of forty five years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Smithfield is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under 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 premises 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 Smithfield 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 any new 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.
Smithfield Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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How many years are left on the lease? What restrictions exist in the Smithfield Lease?
We are FTB’s just having agreed a price on a property in Smithfield, and are now looking to get solicitors appointed. We have used the different comparison based websites and the results are from all over the country. Is it critical to have a Smithfield property lawyer local to your potential new home? I am happy to do all the communicating over the web, but I guess at some point we will be required to physically go into the lawyer's office to sign contracts?
On the whole there is no requirement to physically visit the office of your lawyer, they can post any relevant papers to you, which you can sign and send back. Many buyers and sellers choose to use a locally based solicitor, but it's by no means a prerequisite for conveyancing in Smithfield.