I am the registered owner of a freehold residence in North Hykeham but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in North Hykeham and has limited impact for conveyancing in North Hykeham 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 post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
There are plenty of conveyancing solicitors in North Hykeham but how do I know who I should use?
Do not opt for the lowest North Hykeham conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I had a mortgage agreed in principle with Virgin Money. North Hykeham conveyancing practitioners have been selected. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
Some lenders take longer than others. Have Virgin Money done the valuation? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The mortgage over my property is with RBS for my property in North Hykeham. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention before letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel firm.
Should commercial conveyancing searches reveal impending roadworks that could affect a commercial estate in North Hykeham?
Its becoming the norm that commercial conveyancing solicitors in North Hykeham will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in North Hykeham. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in North Hykeham.
For every commercial conveyancing transaction in North Hykeham it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could result in delays to North Hykeham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in North Hykeham.
Despite weeks of looking the Title Certificate and documents to our property are lost. The solicitors who did the conveyancing in North Hykeham 5 years ago are no longer around. What are my options?
In today’s world there are copies made of almost everything, and your conveyancer will know exactly where to find all the suitable paperwork so you can buy or sell your house without a hitch. Where duplicates can’t be found, your conveyancer may be able to put in place insurance or indemnities against future claims on your property.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in North Hykeham I like with a park and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in North Hykeham suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
Back In 2003, I bought a leasehold house in North Hykeham. Conveyancing and Accord Mortgages Ltd mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in North Hykeham who acted for me is not around. Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a North Hykeham conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a ground floor flat in North Hykeham, conveyancing having been completed 4 years ago. How much will my lease extension cost? Corresponding flats in North Hykeham with over 90 years remaining are worth £197,000. The ground rent is £55 yearly. The lease ceases on 21st October 2080
With just 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.