I purchased a freehold premises in Sutton in Ashfield but still pay rent, why is this and what is this?
It’s unusual for properties in Sutton in Ashfield and has limited impact for conveyancing in Sutton in Ashfield 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 establishment of fresh rentcharges post 1977.
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.
Please explain the implications if my solicitor is removed from the TSB Solicitor panel ahead of completing my conveyancing in Sutton in Ashfield?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
If you had a top tip for choosing a conveyancing solicitor in Sutton in Ashfield what would it be?
It would be unwise to be tempted by the cheapest Sutton in Ashfield conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
We expect to receive a OIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Sutton in Ashfield solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Sutton in Ashfield solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
It is unclear whether my lender requires a lease extension. I have telephoned my Sutton in Ashfield building society branch on various occasions and was told they are content with the situation and they would lend. My Sutton in Ashfield conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend in accordance with their published requirements. Who do I believe?
Your conveyancing practitioner has to comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying my first flat in Sutton in Ashfield benefiting from help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not disclose to my conveyancer about the extras as it will jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Sutton in Ashfield and how can your lawyers assist?
The particular law that you refer to gives protection to commercial leaseholders, giving them the a statutory right to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Sutton in Ashfield is one of the numerous locations in which the firms we work with are based
I need to appoint a conveyancing solicitor for remortgage conveyancing in Sutton in Ashfield. I have discover a web site which looks to be the perfect offering If it is possible to get all this stuff done via email that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?