I own a freehold property in Leamington Spa but still charged rent, why is this and what is this?
It is rare for properties in Leamington Spa and has limited impact for conveyancing in Leamington Spa 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 creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a residence in Leamington Spa? or Apparently there is a law dating back centuries that could mean that homeowners residing in a parish church boundary will be compelled to contribute towards repairs to the chancel within the church. Is this a legitimate concern for conveyancing in Leamington Spa?
Unless a previous acquisition of the property completed after 12 October 2013 you can take it that solicitors conducting conveyancing in Leamington Spa to continue to suggest a chancel search and or chancel repair liability policy.
How does conveyancing in Leamington Spa differ for new build properties?
Most buyers of new build residence in Leamington Spa approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Leamington Spa typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Leamington Spa or who has acted in the same development.
I have been on the look out for a flat up to £305k and identified one round the corner in Leamington Spa I like with a park and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Leamington Spa suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Back In 2001, I bought a leasehold house in Leamington Spa. Conveyancing and The Royal Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Leamington Spa who previously acted has long since retired. What should I do?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Leamington Spa conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a split level flat in Leamington Spa, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Leamington Spa with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2085
With only 59 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I happen to be an executor of my recently deceased mother’s Will, with a property in Leamington Spa which will be sold. The property has never been registered at HMLR and I'm told that some purchasers will insist that it is done before they'll move forward. What's the mechanism for this?
In the situation that you have set out it seems advisable to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.