I own a freehold residence in Boreham but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Boreham and has limited impact for conveyancing in Boreham 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 fresh 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 in 2037 is to be dispensed with completely.
I have been recommended a conveyancing solicitor in Boreham. I I am struggling to find out if they are on the Nationwide Building Society approved list of lawyers. Could you or the lender confirm if they are on the panel?
You should e-mail the lawyer and ask them whether they can act for the bank. Otherwise you should call Nationwide Building Society who may be able to assist.
A friend advised me that if I am purchasing in Boreham 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 usually included in the estimate for your Boreham conveyancing searches. It is a large document of more than thirty pages, listing and detailing significant information about Boreham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Boreham Education with plans and statistics, Local Amenities and other useful information concerning Boreham.
I used Wolstenholmes several years past for my conveyancing in Boreham. Now, I need the documents however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Boreham of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I opted to have a survey carried out on a property in Boreham ahead of instructing lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks will refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different requirements from Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Boreham. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any top tips for leasehold conveyancing in Boreham from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Boreham can be bypassed where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers’ representatives. If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved. If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Organising a new share certificate can be a time consuming formality and slows down many a Boreham home move. If a new share certificate is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later. A minority of Boreham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
I bought a studio flat in Boreham, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Boreham with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2086
With only 61 years remaining on your lease we estimate the price of your lease extension to span between £19,000 and £22,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.