I purchased a freehold property in Chorlton cum Hardy but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Chorlton cum Hardy and has limited impact for conveyancing in Chorlton cum Hardy 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.
Previous 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.
The deeds to our property are lost. The conveyancers who did the conveyancing in Chorlton cum Hardy 10 years ago have long since closed. Will I be able to sell the house?
In today’s world there are duplicates made of almost everything, and your conveyancer should be aware exactly where to locate all the relevant paperwork so you may buy or sell your house without any difficulty. If copies can’t be found, your solicitor can put in place insurance or indemnities protecting you against possible claims on the property.
Am I right to be concerned by third parties that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a local Chorlton cum Hardy conveyancing practice?
As is the case with many professional services, often suggestions from connections can be extremely useful or valuable. Yet there are numerous people with a keen interest in a conveyancing deal; estate agents, financial adviser and banks may recommend lawyers to select. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to select your preferred conveyancer. Don't forget that many lenders operate an approved list of law firms you must use for the mortgage related work in your home move.
Am I best advised to go with a Chorlton cum Hardy conveyancing practitioner who is local to the property I am buying? I have an old university friend who can deal with the legal work but his firm is located approximately 350miles away.
The benefit of a high street Chorlton cum Hardy conveyancing firm is that you can drop in to sign paperwork, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and on the whole were happy that should outweigh using an unfamiliar Chorlton cum Hardy conveyancing lawyer just because they are Chorlton cum Hardy based.
What makes a Chorlton cum Hardy lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Chorlton cum Hardy. All leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I own a garden flat in Chorlton cum Hardy, conveyancing was carried out May 2007. How much will my lease extension cost? Comparable properties in Chorlton cum Hardy with a long lease are worth £197,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2074
You have 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.