I own a freehold property in Pinnerwood Park yet pay rent, why is this and what is this?
It’s unusual for properties in Pinnerwood Park and has limited impact for conveyancing in Pinnerwood Park 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 post 1977.
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.
We're in Pinnerwood Park, FTBs buying with a mortgage (lender is , and our lawyer is on the conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm buying a new build house in Pinnerwood Park benefiting from help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The property agent told me not disclose to my solicitor about this deal as it could put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a property in Pinnerwood Park before instructing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks may refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Pinnerwood Park. Conveyancing will be smoother if you use a solicitor in Pinnerwood Park especially if they are accustomed to such properties in Pinnerwood Park.
In what way does the Landlord & Tenant Act 1954 affect my business offices in Pinnerwood Park and how can your lawyers assist?
The 1954 Act affords a safeguard to commercial tenants, giving them the legal entitlement to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Pinnerwood Park