Can the conveyancing practitioners that you recommend conduct auction conveyancing in Brownhills?
We know of a few auction lawyers we can put you in touch with those conducting auction conveyancing. Brownhills is just one of hundreds of locations where our lawyers have a presence.
I am the registered owner of a freehold property in Brownhills but nevertheless charged rent, why is this and what is this?
It is rare for properties in Brownhills and has limited impact for conveyancing in Brownhills 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 generation of fresh rentcharges post 1977.
Old 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 extinguished.
Various online forums that I have visited warn that are the main reason for hinderance in Brownhills conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Brownhills.
What does commercial conveyancing in Brownhills cover?
Non domestic conveyancing in Brownhills covers a broad array of guidance, supplied by qualified solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
We own a leasehold flat in Brownhills. Conveyancing was finalised in last year. I have been told that I mustn’t let the the remaining lease term to get too low. Is this correct?
Brownhills residential long term leases are for a set term - usually just under one hundred years when they are first granted. However many appartments in Brownhills were constructed or converted 35 or more years ago and so these leases now have under 80 years left to run. That may sound like a long time however Banks, Building Societies and other mortgage institutions on the whole need leases to have at least seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing 75 years. To maximise your property value you should be considering whether to extend your lease well in advance of selling the property. Please note that there are strong financial reasons to doing so before the lease hits eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to increase.