I purchased a freehold house in Sandringham but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Sandringham and has limited impact for conveyancing in Sandringham 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 many centuries, but the Rent Charge Act 1977 barred the generation of new 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 after 2037 is to be extinguished.
When it comes to mortgage companies such as UBS, do Sandringham conveyancers have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Can I be sure that the Sandringham conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Sandringham obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your conveyancing.
My offer was accepted on an apartment in Sandringham on 23/10/2018, valuation was booked five days later, received a clean bill of health. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to Coventry BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Coventry BS conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
My company is wishing to lease a unit on a shopping parade. Can you recommend conveyancers offering no-sale-no fees for non-domestic conveyancing in Sandringham for less than 1500k?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Sandringham, including the sale and acquisition of businesses as well as simply property. Whether you are intending to purchase or sell a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right lawyer. Regarding the fees these will vary based on the structure and complexity of the deal. Please provide us with your contact information or telephone us so that we may supply you with a fixed commercial conveyancing calculation.
I am looking at a couple of apartments in Sandringham which have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Sandringham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat 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 Sandringham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 bought a basement flat in Sandringham, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Sandringham with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2072
With 54 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My partner and I yesterday become aware that one of the directors of the solicitors acting on the purchase conveyancing in Sandringham is a relative of the owners that we are purchasing from. Is this allowed?
On the basis that no conflict arises this is permitted. Where you are obtaining mortgage finance then the bank may have a say as many lenders have specific requirements on this. For example for RBS- First Active as of 13/12/2018, the requirements read as follows :