I am the registered owner of a freehold property in Boldon yet pay rent, why is this and what is this?
It’s unusual for properties in Boldon and has limited impact for conveyancing in Boldon 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.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
How do I check that the solicitor carrying out my conveyancing in Boldon is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for HSBC Bank thus spending £187.00 plus VAT in further legal fees.
Please do take advantage of the find a lender approved solicitor tool on this web page. Pick the lender and type ‘Boldon’ or your location and you will discover a number of lawyer based in Boldon or nearest you.
A relative recommended that if I am purchasing in Boldon I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Boldon conveyancing searches. It is a large document of more than thirty pages, listing and detailing significant information about Boldon around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Boldon Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Boldon Education with maps and statistics, Local Amenities and other useful information regarding Boldon.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Boldon is where the house is located. What do you suggest?
Flying freeholds in Boldon are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Boldon you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Boldon may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Do you have any advice for leasehold conveyancing in Boldon with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Boldon can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers’ representatives. You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Obtaining a re-issued share certificate can be a time consuming formality and frustrates many a Boldon home move. If a reissued share is necessary, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. The majority of landlords or Management Companies in Boldon levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Boldon. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
Boldon Leasehold Conveyancing - A selection of Queries before Purchasing
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This information is important as a) areas could result in problems in the block as the common areas may begin to deteriorate if services are not paid for b) if the leaseholders have an issue with the managing agents you will need to have all the details How long is the Lease? How is the lease structured?
My uncle purchased his flat in Boldon Six years ago. He has since got wed, widowed and is now remarried. He will be marketing the apartment this May. I suspect that he will just be requested to supply copies of his marriage certificates to the lawyer but he is concerned it will delay the sale of the apartment. Is it worth updating the Land Registry information for the house?
It is not absolutely necessary to bring up to date the register as long as you have the evidence needed to show how the change of name occurred.
The purchaser’s conveyancer will review the land registry details and require evidence by way of proof of the change of name e.g. marriage certificates.