I purchased a freehold premises in Sunbury but still invoiced for rent, why is this and what is this?
It is rare for properties in Sunbury and has limited impact for conveyancing in Sunbury 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Sunbury I like with a park and railway links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Sunbury for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
My business partner and I are planning to lease a unit on a shopping parade. Can you recommend conveyancers offering fixed fees for commercial conveyancing in Sunbury for less than 1500k?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Sunbury, including the disposal and purchase of businesses as well as simply premises. Whether you are looking to acquire or dispose of a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. Regarding the costs this will depend on the structure and terms of the deal. Let us have your contact information or phone so as to enable us to provide you with comprehensive commercial conveyancing quote.
We're novice buyers - had an offer accepted, but the property agent advised that the seller will only proceed if we use their preferred conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a local conveyancer with experience of conveyancing in Sunbury
It is unlikely the owners are driving this. Should the owner desire ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and make the point that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you intend to instruct your preferred Sunbury conveyancing lawyers - rather thanthe ones that will give the estate agent a kickback or achieve conveyancing targets demanded by corporate headquarters.
I have had difficulty in trying to purchase the freehold in Sunbury. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price payable.
An example of a Lease Extension decision for a Sunbury flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired lease term was 82.93 years.
When it comes to leasehold conveyancing in Sunbury what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Sunbury. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I need to change lawyers as my Sunbury lawyer is not on the bank's approved list of conveyancing solicitors. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to start work and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Sunbury that you're considering.