I purchased a freehold house in Burwell but still pay rent, why is this and what is this?
It is rare for properties in Burwell and has limited impact for conveyancing in Burwell 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
We are buying a newbuild flat in Burwell with a homeloan from Coventry Building Society.We use our Burwell conveyancing solicitor but Coventry Building Society informed us her practice is not listed on their "panel". It seems we have little choice but to instruct a Coventry Building Society panel firm or keep our local solicitor and pay for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Coventry Building Society use our lawyer?
Unfortunately,no. The home loan issued to you contains various provisions, one of which will be that solicitors needs to be on the Coventry Building Society approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Coventry Building Society
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Burwell is where the house is located. Is there any guidance you can give?
Flying freeholds in Burwell are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burwell you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burwell 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.
Is it simple use the search facility to select a conveyancing lawyer in Burwell on the panel for my lender?
1st choose a mortgage company such as Santander, Bank of Scotland or TSB then choose your location for instance Burwell. Conveyancing practices in Burwell and beyond will then be listed.
What advice can you give us when it comes to choosing a Burwell conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Burwell conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Burwell conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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What are the costs for lease extension work? If the firm is not ALEP accredited then what is the reason?
I invested in buying a 1 bedroom flat in Burwell, conveyancing formalities finalised in 2007. Can you work out an approximate cost of a lease extension? Similar properties in Burwell with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2099
You have 75 years left to run the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing 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 additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
How do I find out who is the owner of a house in Burwell?
Provided the premises is registered with the Land Registry, and you have the specifics of the location of the property, you should be able to see results from the HMLR of the recorded proprietor for a for less than a fiver.