I am buying a newly constructed duplex in Aigburth and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the seller. I am nearing the developer’s deadline to exchange and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the registered owner of a freehold property in Aigburth but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Aigburth and has limited impact for conveyancing in Aigburth 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous 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 dispensed with completely.
We are close to exchanging contracts on the sale of our house in Aigburth and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. Any high street Aigburth conveyancer would know that there is no such problem. It does beg the question why the buyers are using a web based conveyancing firm as opposed to a conveyancing solicitor in Aigburth. Having lived in Aigburth for six years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation that there is no issue.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to check with 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)
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Aigburth is the location of the property. Can you shed any light on this issue?
Flying freeholds in Aigburth are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aigburth you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aigburth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Having had my offer accepted I require leasehold conveyancing in Aigburth. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all are in Aigburth - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a 1st floor flat in Aigburth, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Aigburth with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2084
You have 65 years remaining on your lease we estimate the price of your lease extension to range between £13,300 and £15,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.