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Lease Extension FAQs

What will you have to pay your freeholder to extend your lease? The amount you should pay for your lease extension can, unsurprisingly, lead to disagreement between Freeholder and Leaseholder. There will be an inevitable difference of opinion, as the Freeholder wishes to charge more, and the Leaseholder expects to pay as little as possible. […]

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FirstBuy FAQ

THIS ARTICLE WAS PUBLISHED IN 2011. FIRSTBUY HAS NOW BEEN REPLACED BY OTHER HELP TO BUY SCHEMES. DETAILS HERE. What is FirstBuy? FirstBuy is a new government scheme offering financial assistance for first-time buyers. Those who qualify will be able to apply for a loan-to-value mortgage for 75% of the property’s worth, with only a […]

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What does it mean to die intestate ?

If you die intestate, it means that you die without having executed legally valid will, or, the will cannot be found. If someone dies without a will, then the estate is passed on according to law, this is normally to the next of kin. It is worth noting that the rules of intestacy which may […]

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What are the Executor’s responsibilities?

The role of an executor carries legal responsibility. The liability not only extends to the need to pay inheritance tax  but also responsibility  for administering the estate according to the wishes of the Will and the Rules of Intestacy.   As far as Tax is concerned executors must report the value of the estate to […]

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What is a Living Will ?

A living will enables you to make important advance decisions about medical treatment that you may or may not be prepared to accept in the future. Some people consider making a Living will for a number of reasons, for example because they have a terminal illness or on grounds of religious beliefs. As is the […]

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What is Estate Administration?

Estate Administration is a word you will often hear in connection with Probate.  It refers to the process of collating the assets of a deceased person (Property, Shares, etc. . ), making appropriate arrangements with institutions (Pension companies, Banks, etc. . ), dealing with any debts of the deceased, dealing with any person or institution […]

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What is an Excepted Estate?

Usually, if an estate has no Inheritance Tax to pay, it will be an excepted estate. However, this is not always the case. Some estates that don't owe Inheritance Tax aren't excepted estates, and you must fill in a full Inheritance Tax account (form IHT400). For deaths after 1 September 2006, the estate will generally […]

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What is Probate?

Probate is used to describe the process of applying to administer (or run) a deceased persons estate – usually in connection with making sure that any beneficiaries of a Will (or in the absence of a Will those determined by rules of Intestacy) inherit the correct assets, and taxes are paid. It is also described […]

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7 Tips to Avoid Probate Rip-Offs

Some Probate and Estate Administration specialists (and Will writers) have been accused of overcharging people in a vulnerable position.  Even some large companies and institutions such as Solicitors and Banks have been accused of quite serious overcharging and hidden extras in their quotes for fees. People who have been recently bereaved are very often very […]

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I think I am paying too much service charge. What can I do ?

A leasehold owners obligations in respect of service charges will be regulated by the provisions of your lease. You or your property solicitor will have to review your lease to examine what was said about service charges. Most leases will specify the percentage to be paid by each flat. In some leases, however, the service […]

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Do I have to use the conveyancing lawyer the Estate Agent has recommended?

NO! The estate agent will normally have an arrangement with a property solicitor or conveyancing lawyer and they will receive an introducer fee for introducing you to them. We have found that generally the conveyancing quotes provided through estate agents are very high, simply because the property solicitor or conveyancing lawyer will probably need to […]

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What is the price of a lease extension based on?

The price payable for a lease extension includes three elements: the reduction in the value of the landlords’ interests in your flat affected by giving you a lease extension of 90 years half of any marriage value that may be payable. However, there will be no marriage value payable if your lease has more than […]

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Can I change the terms of the lease?

You can vary any of the terms of your lease by agreement. In addition, you have the right to apply to a Leasehold Valuation Tribunal (LVT) on specific grounds to vary your lease. (please speak to a member of our leasehold conveyancing team about the specific terms you would like changed).

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How do I know if I am "Qualifying leaseholder" for lease extension?

I most cases, you will be a "Qualifying leaseholder", if your original lease was more than 21 years, you've had it for more than two years, when originally granted and your property is not Crown, national trust property or a building within a cathedral precinct  Shared ownership leases only qualify if your share, as leaseholder, […]

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What are the common causes of delay in Conveyancing?

Some common causes of delay are: A buyer's survey revealing a lack of building regulation or planning permission for works. Number of parties the chain – a delay at one point in the chain will delay everyone else The buyer's (or someone in the chain ) mortgage application taking longer than normal to process, perhaps […]

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I have a buyer for my home. What happens next?

Make contact with your conveyancing solicitor or property lawyer   as soon as possible. If you have a mortgage, your conveyancer need your account number as your lender may hold the deeds to your home. You will also need to send a copy of the HIP to your conveyancer as they will need to send […]

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How do I know which conveyancing firm to use ?

Until 20 years ago in the UK, property solicitors were the only people who undertook conveyancing work but that is no longer the case. In 2009, there are licensed conveyancers who are specialists in property law and are qualified to assist home buyers and sellers with all type of conveyancing transactions. While saving money is […]

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Can I do conveyancing work myself?

DIY Conveyancing is not generally advisable; a qualified Solicitor will have the legal knowledge and experience necessary to handle your transaction, ensuring that all issues and concerns are dealt with. Leasehold transactions, for example,  are more complex and the lease should be carefully reviewed by a solicitor that is familiar with these types of agreements […]

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