At long last a loan offer from NatWest for the refinancing of my 4 bedroom maisonette is expected imminently. Can you suggest a cheap conveyancing law firm in Arnold?

You have come to the wrong site to search for a cheap conveyancing solicitors in Arnold. Our aim is to provide excellent value conveyancing but we do not aim to advertise as being the cheapest. Resist the temptation to appoint brokers enticing you with £99 conveyancing in Arnold. The optimum result, in deciding on cheap conveyancing, you will get your money’s worth and at worst it will result in you with a surprising uplift in additional fees and still not get the service required.

I own a freehold property in Arnold yet pay rent, why is this and what is this?

It is rare for properties in Arnold and has limited impact for conveyancing in Arnold 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 creation of fresh rentcharges post 1977.

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 dispensed with completely.

Despite weeks of looking the Title Certificate and documents to our house can not be found. The solicitors who conducted the conveyancing in Arnold 4 years ago no longer exist. Will I be able to sell the house?

As long as the title is registered the information relating to your ownership will be recorded by HMLR under a Title Number. It is easy to perform a search at the Land Registry, find your property and get current copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will also normally hold a certified copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.

I am looking at a couple of maisonettes in Arnold which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Arnold is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Arnold conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I purchased a 2 bed flat in Arnold, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Arnold with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2095

You have 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

Do online conveyancing organisations cover everything a local Arnold solicitor does or must I retain a solicitor for the final stages for my conveyancing in Arnold?

If you instruct an online conveyancer they should cover all the things your Arnold conveyancer will cover.