I purchased a freehold premises in Tetbury but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Tetbury and has limited impact for conveyancing in Tetbury 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
My uncle passed away six months ago and as sole heir and executor I was left the house in Tetbury. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to TSB, pay off the mortgage. Is this allowed?
Where you intend to refinance then TSB will require that you use a conveyancer on the TSB conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your TSB conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the TSB mortgage is registered as a charge at the Land Registry.
How can the Landlord & Tenant Act 1954 affect my commercial offices in Tetbury and how can your lawyers assist?
The 1954 Act provides protection to commercial lessees, granting the legal entitlement to apply to court for a new tenancy and continue in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and assist with commercial conveyancing in Tetbury
I am looking for a conveyancing solicitor in Tetbury for my home move. Is it possible to check a solicitor's record with the legal regulator?
You may read presented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The regulator may recorded call for training requirements.
I work for a reputable estate agency in Tetbury where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Tetbury conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a split level flat in Tetbury, conveyancing formalities finalised July 2005. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Tetbury with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2095
With just 69 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
Finally our conveyancing in Tetbury completes next Friday, however the owners I am buying off wants to vacate the next day at midday. Can I accept such a plan?
In situations where you need a loan then your conveyancing practitioner will insist that the property isvacant on Friday - the lending institution will compel it.