I own a freehold house in Little Burstead yet charged rent, why is this and what is this?
It is rare for properties in Little Burstead and has limited impact for conveyancing in Little Burstead 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 post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Just acquired a terraced house in Little Burstead , What is the estimated time for the Land Registry to register the transfer to my name? My Little Burstead conveyancing solicitor has been painfully slow, so I want to check the land registry aspects are concluded.
As far as conveyancing in Little Burstead registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can differ according to the party submitting the application, whether it is in order and if the Land registry must send notices to any third persons or bodies. At present in the region of 80% of submission are fully addressed in less than three weeks but some can be subject to protracted delays. Registration takes place after the new owner is living at the property so registration formalities is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your solicitor must speak with the land registry and explain the circumstances.
How does conveyancing in Little Burstead differ for newly converted properties?
Most buyers of new build residence in Little Burstead come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because developers in Little Burstead tend to acquire the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Little Burstead or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Little Burstead is where the house is located. Is there any guidance you can give?
Flying freeholds in Little Burstead are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Little Burstead you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Little Burstead may determine 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.
Back In 2001, I bought a leasehold house in Little Burstead. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Little Burstead who acted for me is not around. What should I do?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Little Burstead conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a garden flat in Little Burstead, conveyancing formalities finalised in 2004. Can you work out an approximate cost of a lease extension? Comparable flats in Little Burstead with a long lease are worth £186,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2079
With just 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
My wife and I are buying a ground floor flat in Little Burstead. At the time of instructing our lawyer, they told us that they were on all major UK mortgage company panels. Our mortgage broker called just now to advise that they are not on the Yorkshire BS approved list. Were it to be true, what should we do? Should we simply choose a different conveyancer that is on their panel or do we pay for separate representation, with Yorkshire BS appointing their own preferred conveyancer.
If you are purchasing a property with the assistance of a mortgage it is conventional for the purchaser’s solicitors to also represent the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to meet. Some mortgage companies now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancer should contact Yorkshire BS to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Yorkshire BS's conveyancing panel and you may continue to use your own Little Burstead solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.