I am the registered owner of a freehold residence in Street yet charged rent, why is this and what is this?
It’s unusual for properties in Street and has limited impact for conveyancing in Street 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 creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished 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 wife and I are buying a flat in Street. I might seem paranoid but how we can trust a solicitor? On completion day we will need to send our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
This question may be naive but I am new to the house moving as a first time purchaser of a ground floor flat in Street. Do I pick up the keys to the premises on completion from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Street?
On the day of completion you do not need to attend the conveyancers office in Street. Your solicitors will transfer the purchase money to the owner’s conveyancers, and once they have received this, you should be able to collect the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
Our offer on a house in Street has been agreed to, the owners do nevertheless have a connected purchase. The sellers have offered on a property, but it’s not yet tied up, and are looking at other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Street. What do I do now? When should I get the mortgage application with RBS started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then valuation, Street conveyancing search costs, etc). The first thing to do is ensure that your conveyancer is on the RBS conveyancing panel. Regarding the subsequent stages this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market some purchasers would apply for a home loan with RBS and pay for the valuation and only if it comes back ok would they ask their lawyer to proceed with the conveyancing in Street.
I need some quick conveyancing in Street as I have pressure to complete in less than 3 weeks. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you have the choice not to do searches although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Street the following are instances of what can be revealed and therefore affect future mortgageability: Enforcement Actions, Overdue Charges, Overdue Grants, Railway Schemes,...
4 months have elapsed following my purchase conveyancing in Street completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Street with the aid of help to buy. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The house builders rep told me not to tell my conveyancer about this extras as it could adversely affect my mortgage with Accord Mortgages Ltd. Is this normal?.
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.
I am on look out for some leasehold conveyancing in Street. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Street - 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 own a 2 bed flat in Street, conveyancing was carried out 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Street with over 90 years remaining are worth £260,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2099
You have 74 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.