I purchased a freehold house in Ewloe but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Ewloe and has limited impact for conveyancing in Ewloe 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 after 2037 will be dispensed with completely.
We're in Ewloe, First timers buying with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Me and my brother own a 4 bedroom Edwardian house in Ewloe. Conveyancing practitioner represented me and Barclays Direct. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ewloe and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing solicitor who completed the work.
I am buying a new build house in Ewloe benefiting from help to buy. The sellers would not budge the price so I negotiated 6k of additionals instead. The property agent told me not reveal to my solicitor about this side-deal as it could put at risk my mortgage with Nottingham Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a property in Ewloe prior to instructing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders tend refuse to issue a loan on such a property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ewloe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ewloe to see if the conveyancing costs will increase in light of this.
Can you provide any advice for leasehold conveyancing in Ewloe with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Ewloe can be reduced where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers. If there is a history of any disputes 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 warry about purchasing a flat 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 the buyers completing the purchase. 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 buyers, but it is clearly preferable 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 are holding the original share certificate. Arranging a re-issued share certificate is often a time consuming process and frustrates many a Ewloe conveyancing transaction. If a reissued share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later. A minority of Ewloe leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 acquired a leasehold flat in Ewloe, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Ewloe with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2079
With just 55 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt 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 placing reliance on this information before seeking the advice of a professional.