I am expecting a offer of a home loan from Halifax. My intention is to instruct a Licensed Conveyancer in Sedgefield. Does the Halifax Solicitor panel allow for Licensed Conveyancers?
The Halifax conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I purchased a freehold property in Sedgefield yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Sedgefield and has limited impact for conveyancing in Sedgefield 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.
Old 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.
Various internet forums that I have visited warn that are the number one cause of obstruction in Sedgefield house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Sedgefield.
What makes your site different to alternative online quote calculators for conveyancing in Sedgefield?
At this site get an accurate quote from a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Sedgefield. As opposed to estate agents and brokerage sites we are not in the business of charging firms a commission if you appoint them for your property ownership legalities in Sedgefield
I am employed by a reputable estate agency in Sedgefield where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Sedgefield conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 can avoid having 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 prior to, or at the same time as completion of the sale.
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 purchaser.
I own a 2 bed flat in Sedgefield, conveyancing was carried out in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Sedgefield with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2090
With only 69 years unexpired the likely cost is going to range between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.