I own a freehold residence in Sawston yet invoiced for rent, why is this and what is this?
It is rare for properties in Sawston and has limited impact for conveyancing in Sawston 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 creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
We're in Sawston, First time buyers buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My father has suggested that I use his conveyancers in Sawston. Do I take his advice?
No doubt it’s preferable to choose a conveyancing lawyer is to get guidance from friends or family who have actually previously instructed the conveyancer you're are thinking of instructing.
I work for a reputable estate agent office in Sawston where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Sawston conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
I own a basement flat in Sawston, conveyancing was carried out 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Sawston with an extended lease are worth £190,000. The ground rent is £45 per annum. The lease ends on 21st October 2087
With just 62 years remaining on your lease the likely cost is going to span between £17,100 and £19,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
How up-to-date is your database of lawyers on the bank conveyancing panel in Sawston? Do the banks send you an updated list?
Sawston law firm practices and firms carrying out conveyancing in Sawston themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the bank directly.