I am the registered owner of a freehold premises in Boncath but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Boncath and has limited impact for conveyancing in Boncath 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 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.
I have been referred to a conveyancing solicitor in Boncath. I need to find out whether they are on the Nottingham Building Society approved list of lawyers. Could you advise?
You should phone the conveyancer and ask them whether they are on the lender panel. Alternatively please call Nottingham Building Society who may be able to assist.
I have been told that property searches are a common cause of obstruction in Boncath conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Boncath.
I moved into my flat on 2 March and my personal details are still not registered. Need I be worried? My conveyancing solicitor in Boncath expressed confidence that it will be concluded inside ten days. Are titles in Boncath particularly slow to register?
There is nothing unique about conveyancing in Boncath registration formalities. Rather than based on location, timeframes can differ subject to who lodges the application, whether it is in order and whether the Land registry communicate with any third persons or bodies. At present roughly 80% of submission are completed in less than three weeks but some can be subject to longer hold-ups. Registration takes place once the new owner is living at the premises so 'speed' is not always primary concern yet if there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
I decided to have a survey completed on a house in Boncath before appointing solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some banks tend not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Boncath. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Boncath to see if the conveyancing costs will increase in light of this.
Expecting to complete next month on a studio apartment in Boncath. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Boncath should include some of the following:
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Setting out your legal entitlements in respect of the communal areas in the block.For instance, does the lease provide for a right of way over a path or hallways? Information concerning the obligations as set out in the lease to pay service charges - in respect of the block, and the wider rights a lessee has Does the lease prevent you from letting out the property, or having a home office for business Alterations to the property The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I am the registered owner of a ground floor flat in Boncath, conveyancing having been completed January 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Boncath with a long lease are worth £265,000. The ground rent is £50 levied per year. The lease expires on 21st October 2102
With only 76 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.