I purchased a freehold residence in Wokingham but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Wokingham and has limited impact for conveyancing in Wokingham 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 creation of fresh rentcharges post 1977.
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 extinguished.
The Wokingham conveyancing solicitors that I recently instructed on my purchase in Wokingham have suddenly shut down. I only went with them because I needed a lawyer on the Principality conveyancing panel and my previous Wokingham lawyer was not. I paid them £170 in advance. What do I do now?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Me and my brother own a semi-detached Edwardian property in Wokingham. Conveyancing solicitor represented me and Barclays Direct. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wokingham and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing practitioner who conducted the purchase.
How does conveyancing in Wokingham differ for new build properties?
Most buyers of new build residence in Wokingham approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Wokingham typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wokingham or who has acted in the same development.
I need to find a conveyancing solicitor for leasehold conveyancing in Wokingham. I've chance upon a web site which appears to be the ideal answer If it is possible to get all formalities done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
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?
Can you offer any advice when it comes to appointing a Wokingham conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Wokingham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Wokingham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
-
How many lease extensions have they carried out in Wokingham in the last twenty four months? What are the legal fees for lease extension conveyancing?
I invested in buying a 1st floor flat in Wokingham, conveyancing was carried out January 2012. How much will my lease extension cost? Equivalent flats in Wokingham with an extended lease are worth £202,000. The ground rent is £60 yearly. The lease runs out on 21st October 2083
With just 57 years left to run the likely cost is going to range between £28,500 and £33,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.