I am the registered owner of a freehold premises in Woodley but still pay rent, why is this and what is this?
It is rare for properties in Woodley and has limited impact for conveyancing in Woodley 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 from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Please explain the implications if my solicitor is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in Woodley?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I need to appoint a conveyancing solicitor for purchase conveyancing in Woodley. I have chance upon a site which appears to be the ideal offering If it is possible to get all formalities done via email that would be preferable. 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?
Looking forward to sign contracts shortly on a leasehold property in Woodley. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Woodley should include some of the following:
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What options are open to you if another tenant in the building breaches a clause of their lease? You should be sent a copy of the lease The physical extent of the property. This may be the apartment itself but could also include a loft or basement if applicable. Does the lease require carpeting throughout thus preventing wood flooring? Alterations to the flat
I inherited a leasehold flat in Woodley, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Woodley with a long lease are worth £201,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2089
With 65 years unexpired the likely cost is going to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
What should I expect to pay for conveyancing in Woodley?
The amount you are levied for Woodley conveyancing fees will differ considerably from solicitor to solicitor. This makes it is particularly necessary for you to have a complete breakdown of fees before you appoint a lawyer. One should always seek a couple fee estimate.