I own a freehold premises in Horsforth but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Horsforth and has limited impact for conveyancing in Horsforth 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
My wife and I own a 4 bedroom Georgian house in Horsforth. Conveyancing practitioner represented me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Coventry Building Society to clarify?
You should read 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Horsforth and other areas of 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 position with the conveyancing lawyer who completed the work.
I decided to have a survey done on a house in Horsforth in advance of instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks will refuse to issue a loan on this type of property.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Horsforth. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a sole trader hoping to lease a unit on the high street. Can you recommend conveyancers offering no-move-no charges for commercial conveyancing in Horsforth for under 1500k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Horsforth, including the sale and purchase of businesses as well as simply property. Whether you are looking to buy or dispose of a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right lawyer. As for the costs these will vary based on the structure and nuances of the proposed transaction. Let us have your contact information or email so as to enable us to supply you with a fixed commercial conveyancing quote.
We're novice buyers - had an offer accepted, but the property agent has warned us that the seller will only proceed if we appoint their recommended solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a family solicitor used to conveyancing in Horsforth
We suspect that the owner is not behind this requirement. Should the vendor desire ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Try to communicate with the sellers directly and make the point that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you intend to use your preferred Horsforth conveyancing lawyers - rather thanthose that will provide the estate agent a kickback or meet his conveyancing targets pre-set by senior management.
We own a leasehold flat in Horsforth. Conveyancing was completed in 2011. I have heard that I mustn’t let the the remaining lease term to fall too short. Is this right?
Horsforth residential long term leases are for a fixed term - normally ninety nine years when they are first granted. However a significant flats in Horsforth were constructed or converted in the 60’s and so such leases now have under eighty years left to run. That may sound like plenty of time however Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years remaining to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To maximise your property value you should be thinking about whether or not to extend your lease long before you come to sell it. Furthermore advantages to taking action before the lease reaches even 80 years as when the lease falls below 80 years the amount you have to pay to extend starts to get a lot more expensive.