I purchased a freehold property in Gatley but nevertheless pay rent, why is this and what is this?
It is rare for properties in Gatley and has limited impact for conveyancing in Gatley 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Various internet forums that I have visited warn that are a common reason for hinderance in Gatley conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Gatley.
My wife and I own a renovated Georgian property in Gatley. Conveyancing solicitor represented me and Nottingham Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the exact same address. Is it worth asking Nottingham Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Gatley and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing solicitor who conducted the conveyancing.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Gatley is the location of the property. Is there any guidance you can impart?
Flying freeholds in Gatley are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gatley you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gatley 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 residence.
In my capacity as executor for the will of my grandmother I am disposing of a property in Monmouth but reside in Gatley. My lawyer (based 260 kilometers from meneeds me to execute a stat dec before the transaction finalising. Can you recommend a conveyancing solicitor in Gatley who can attest this legal document for me?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are Gatley based
Completion is due on the sale of our £125,000 flat in Gatley next Friday. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Gatley?
For most leasehold sales in Gatley conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-exchange questions
Where consent is required before sale in Gatley
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a garden flat in Gatley, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding flats in Gatley with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2102
You have 76 years left to run the likely cost is going to span between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.