I own a freehold house in Ulverston yet pay rent, why is this and what is this?
It is rare for properties in Ulverston and has limited impact for conveyancing in Ulverston 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 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 in 2037 is to be extinguished.
Please explain the implications if my lawyer’s firm is suspended from the RBS Solicitor panel ahead of completing my conveyancing in Ulverston?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
About to purchase a new build flat in Ulverston. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Ulverston
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan.
I need to retain a conveyancing solicitor for leasehold conveyancing in Ulverston. I have discover a site which looks to be the perfect offering If it is possible to get all the legals completed via phone that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have just appointed agents to market my ground floor apartment in Ulverston. Conveyancing solicitors are to be appointed soon, but I have just received a yearly service charge demand – what should I do?
The sensible thing to do is pay the maintenance contribution as you normally would given that all ground rent and service payments will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Ulverston Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
Who are the managing agents? The best form of lease structure is where the freehold reversion is owned by the leaseholders. In this situation the leaseholders have control and even though a managing agent is often retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. How much is the annual maintenance fee and ground rent?