I own a freehold residence in Thame but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Thame and has limited impact for conveyancing in Thame 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
We are downsizing from our home in Thame and according to the buyers it appears that there is a risk of it being built on contaminated land. A local lawyer would know that there is no such problem. For the life of me I don't know why the buyers instructed a national conveyancing firm rather than a conveyancing solicitor in Thame. Having lived in Thame for many years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing firm already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Thame I like with amenity areas and transport links in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Thame in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
My business partner and I are planning to take an assignment of a lease of an office on the high street. Can you recommend solicitors offering fixed fees for commercial conveyancing in Thame for less than 1500k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Thame, including the disposal and purchase of businesses as well as simply property. Whether you are looking to purchase or sell a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right solicitor. Regarding the fees this will depend on the structure and nuances of the deal. Please provide us with your details or telephone so as to enable us to furnish you with a detailed commercial conveyancing calculation.
As co-executor for the estate of my grandmother I am disposing of a house in Newport but reside in Thame. My solicitor (approximately 200 miles from merequires that I sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Thame who can attest this legal document for me?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Thame based
When it comes to leasehold conveyancing in Thame what are the most common lease defects?
Leasehold conveyancing in Thame is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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A duty to insure the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Royal Bank of Scotland, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
Thame Conveyancing for Leasehold Flats - Examples of Queries before buying
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What restrictions exist in the Thame Lease? Its a good idea to discover as much as you can about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day issues such as the cleanliness of the communal areas. Enquire of prospective neighbours what they think of them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes. If a Thame lease has less than eighty years it will have adverse implications on the value of the flat. Check with your bank that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the residence for two years in order to be entitled to extend the lease.