I own a freehold property in Lynton but nevertheless pay rent, why is this and what is this?
It is rare for properties in Lynton and has limited impact for conveyancing in Lynton 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 will be extinguished.
What is the difference between a licensed conveyancer and conveyancing solicitor in Lynton
There are two types of lawyers who can perform conveyancing in Lynton namely licenced conveyancers or solicitors. The two can provide conveyancing services that you need to complete the disposal or acquisition of property. They are both obliged to handle Lynton conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be properly conducted and that all necessary procedures should be appropriately adhered to.
Forgive me if this question is silly but I am new to the home moving as FTB of a garden flat in Lynton. Do I pick up the keys to the property on the completion date from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Lynton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the seller's conveyancers, and once they have received this, you will be invited to pick up the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
Is there a list of Coventry BS panel solicitors in Lynton on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings visible online. If you are seeking to appoint a Lynton conveyancer on the Coventry BS please make the most of our facility.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Lynton is the location of the property. Is there any advice you can give?
Flying freeholds in Lynton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lynton you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lynton may determine 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 property.
I am a negotiator for a long established estate agency in Lynton where we have experienced a number of flat sales derailed due to short leases. I have received contradictory information from local Lynton conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate 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 needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
I am the registered owner of a 1st floor flat in Lynton, conveyancing formalities finalised in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Lynton with over 90 years remaining are worth £197,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2078
With only 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Builders have recommended to me a conveyancer and I've obtained a quote from them. It's almost £250 cheaper than my local Lynton solicitor. What's the catch?
Developers normally have lists of lawyers who expedite matters and who know the seller’s paperwork and solicitor. Plenty of developers offer an incentive to choose their approved property lawyer for this reason, any increased cost can be avoided and a developer will not put forward a conveyancing warehouse and run the risk of having the conveyancing stall when they need an exchange within a tight time frame. The argument for not opting for the suggested conveyancing practitioner is that they may prove unwilling to fight for your interests for fear of upsetting the housebuilder. If you worry that this may be the situation you should remain with your high street Lynton conveyancer.