I am the registered owner of a freehold property in Curdworth but still charged rent, why is this and what is this?
It’s unusual for properties in Curdworth and has limited impact for conveyancing in Curdworth 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 creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
About to purchase a new build apartment in Curdworth. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Curdworth
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Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Curdworth is the location of the property. What do you suggest?
Flying freeholds in Curdworth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Curdworth you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Curdworth may decide 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 premises.
In my capacity as executor for the will of my father I am disposing of a residence in Swansea but reside in Curdworth. My lawyer (approximately 300 kilometers awayrequires that I sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing lawyer in Curdworth to witness this legal document for me?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are based in Curdworth
When it comes to leasehold conveyancing in Curdworth what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Curdworth. Most leases are drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the building A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I inherited a split level flat in Curdworth, conveyancing was carried out 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Curdworth with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2078
With 52 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 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 extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do 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 want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
What is the reason for my conveyancer requiring various items of identification ahead of starting selling or buying a property in Curdworth?
Curdworth lawyers are required by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML legislation to record that the have checked the identity of their clients. It will also be a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and DOB.