Willretaining a Sutton conveyancing practitioner make the ownership transfer smoother?
Established third party relationships is an important consideration when choosing conveyancing solicitors. Sutton law firms enjoy long term relationships with lenders and agents, local authorities, surveyors and other conveyancing firms meaning the whole process is going to be much more straightforward for you. Hosting specialist knowledge of the local area also helps too.
I am the registered owner of a freehold premises in Sutton yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Sutton and has limited impact for conveyancing in Sutton 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 establishment 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 post 2037 is to be extinguished.
How does conveyancing in Sutton differ for newly converted properties?
Most buyers of new build premises in Sutton come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Sutton typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Sutton or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Sutton ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some banks tend refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. If you call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Sutton. Conveyancing may be slightly more expensive based on your lender's requirements.
I work for a reputable estate agency in Sutton where we have witnessed a number of leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Sutton conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 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 disposal of the property.
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.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Sutton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Freehold Enfranchisement decision for a Sutton flat is Buchanan Court 39 Vernon Road in April 2010. the Tribunal assessed that the premium payable for the freehold of the block should be £44,000. This case related to 2 flats. The number of years remaining on the existing lease(s) was 66.67 years.
What is the average legal costs for conveyancing in Sutton?
The average fee last year for conveyancing in Sutton was £1,500 excluding SDLT and Land Registry charges.