I purchased a freehold premises in Ilford but still pay rent, why is this and what is this?
It is rare for properties in Ilford and has limited impact for conveyancing in Ilford 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 establishment of new 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 in 2037 will be extinguished.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Ilford so that I can attend their offices if required.
Whereas this was necessary ten years ago, almost all mortgage companies no longer oblige their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to supply ID documents and there are still manifest benefits to instructing a local solicitor, in your case a conveyancing solicitor in Ilford.
What is the difference between a licensed conveyancer and conveyancing solicitor in Ilford
There are two types of lawyers who can perform conveyancing in Ilford namely licenced conveyancers or solicitors. The two can administer the legal services that you need to complete the sale or acquisition of property. They are both required to handle Ilford conveyancing to the same quality and guidelines so you can be safe in the knowledge that your conveyancing will be properly carried out and that the necessary procedures should be accurately adhered to.
This question may be naive but I am wet behind the ears as FTB of a garden flat in Ilford. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Ilford?
On the day of completion you will not be required to go to the conveyancers office in Ilford. Conveyancing lawyers for you will arrange to send the purchase money to the seller's solicitors, and once they have received this, you should be invited to pick up the keys from the Estate Agents and start moving into the property. Usually this happens early afternoon.
I am currently in the process of buying my council flat in Ilford. I have a mortgage agreed with HSBC. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I work for a long established estate agency in Ilford where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Ilford conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Ilford. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Ilford conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Ilford property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The unexpired lease term was 61.36 years.
Are Ilford conveyancing solicitors duty bound by the Law Society to issue transparent conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Ilford or beyond.