I own a freehold premises in Northwood but still charged rent, why is this and what is this?
It is rare for properties in Northwood and has limited impact for conveyancing in Northwood 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 establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
My aunt passed away last year and as sole heir and executor I was left the property in Northwood. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this allowed?
If you intend to refinance then UBS will insist on your using a conveyancer on the UBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your UBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the UBS mortgage is registered as a charge at the Land Registry.
I need some expedited conveyancing in Northwood as I have pressure to exchange contracts inside 3 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not obtaining a home loan you are at free not to do searches although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Northwood the following are instances of issues that can arise and adversely impact the marketability of the property: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
Me and my brother have a renovated Georgian house in Northwood. Conveyancing lawyer acted for me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under 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 Northwood and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing practitioner who conducted the purchase.
I'm buying my first flat in Northwood with the aid of help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not to tell my lawyer about this deal as it may affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Can you provide any top tips for leasehold conveyancing in Northwood with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Northwood can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved. Some Northwood leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Northwood leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you dont have the consents to hand do not communicate with the landlord without checking with your lawyer first. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Northwood. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Northwood conveyancing firm who can help.
An example of a Lease Extension decision for a Northwood flat is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The unexpired term was 71 years.