I purchased a freehold residence in Newark on Trent yet charged rent, why is this and what is this?
It’s unusual for properties in Newark on Trent and has limited impact for conveyancing in Newark on Trent 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.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Me and my brother own a 4 bedroom Georgian house in Newark on Trent. Conveyancing lawyer acted for me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Newark on Trent and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing practitioner who conducted the work.
How does conveyancing in Newark on Trent differ for new build properties?
Most buyers of new build property in Newark on Trent approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is built. This is because builders in Newark on Trent typically purchase 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 Newark on Trent or who has acted in the same development.
I decided to have a survey completed on a property in Newark on Trent in advance of appointing conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders tend refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Newark on Trent. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newark on Trent to see if the conveyancing costs will increase in light of this.
I am on look out for some leasehold conveyancing in Newark on Trent. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Newark on Trent - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a 2 bed flat in Newark on Trent, conveyancing formalities finalised March 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Newark on Trent with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ends on 21st October 2085
With 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
What is the distinction between surveying and conveyancing in Newark on Trent?
Conveyancing - in Newark on Trent or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the seller to fix the defects before you move in.