I am the registered owner of a freehold property in Canonbury yet charged rent, why is this and what is this?
It’s unusual for properties in Canonbury and has limited impact for conveyancing in Canonbury 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 post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would much rather appoint a Canonbury based conveyancing firm?
You should check but the chances are that appoint one of their panel conveyancers if you take up the "fee-free" incentive. Contact the bank to see if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Canonbury.
What can a local search reveal about the property we're buying in Canonbury?
Canonbury conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search is essential in every Canonbury conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Canonbury I like with amenity areas and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Canonbury suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
How difficult is it to switch firm as I need to instruct one who is on the The Mortgage Works conveyancing panel. I was using a local conveyancing solicitor in Canonbury round the corner but she is not approved by The Mortgage Works
It would be our pleasure to help you select a conveyancing solicitor in Canonbury on the The Mortgage Works panel. Please note that the solicitors that we work with do not pay us a referral fee if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Canonbury. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Canonbury.
If all goes to plan we aim to complete our sale of a £375,000 garden flat in Canonbury in 5 days. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Canonbury?
Canonbury conveyancing on leasehold flats usually necessitates the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are at liberty to invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to sell the property.
I am the proprietor of a ground-floor 1960’s flat in Canonbury. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
Where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension case for a Canonbury premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The unexpired term was 80.5 years.