I own a freehold premises in Kidsgrove yet pay rent, why is this and what is this?
It’s unusual for properties in Kidsgrove and has limited impact for conveyancing in Kidsgrove 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh 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 in 2037 is to be dispensed with completely.
We expect to receive a AIP from Lloyds this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Kidsgrove solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Kidsgrove solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I'm in the throws of looking at houses in Kidsgrove and I am about to put in an offer. Is it sensible to have a property lawyer on ‘stand by’? I will be getting a home loan with TSB.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are getting a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I have paid off my mortgage with Principality. I assume I don't need a Kidsgrove conveyancer on the Principality panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
My husband and I are first time buyers - agreed a price, yet the selling agent informed us that the seller will only proceed if we instruct their recommended lawyers as they want a ‘quick sale’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Kidsgrove
It is highly unlikely the sellers are behind this. If they desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are ready to progress, with finances in place © you are unencumbered (d) you intend to proceed fast (e)however you are going to instruct your preferred Kidsgrove conveyancing firm - not the ones that will earn their negotiator at the agency a referral fee or hit his conveyancing targets set by corporate headquarters.
I've recently bought a leasehold house in Kidsgrove. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 2 bed flat in Kidsgrove, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Kidsgrove with over 90 years remaining are worth £227,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2097
With 72 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
My partner and I have an offer in principle from Bank of Scotland who have advised we could borrow up to £350k. At what point do I need to appoint a practitioner for conveyancing? Kidsgrove is where we are purchasing.
It would be wise to instruct a conveyancing practitioner now requesting that they open a file for you. This will facilitate: 1) the selling agent to send out the Sales Memo to all parties 2) the seller’s solicitor to submit the draft paperwork. However, do not ask your conveyancer to order searches until you receive your valuation report from Bank of Scotland and you are happy to move forward.