I own a freehold property in Nottingham but still charged rent, why is this and what is this?
It is rare for properties in Nottingham and has limited impact for conveyancing in Nottingham 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.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Nottingham. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this possible?
Given you intend to re-mortgage then Lloyds will require that you use a conveyancer on the Lloyds 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 Lloyds 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 Lloyds mortgage is registered as a charge at the Land Registry.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Nottingham is where the house is located. Can you shed any light on this issue?
Flying freeholds in Nottingham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Nottingham you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nottingham 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 property.
Is it possible to change firm as I need to choose one who is on the Nottingham Building Society conveyancing panel. I instructed a family conveyancing solicitor in Nottingham five minutes from me but he is not accepted by Nottingham Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Nottingham on the Nottingham Building Society panel. Please note that the solicitors that we on the directory do not pay us a referral fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Nottingham. In utilising search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Nottingham.
Estate agents have just been given the go-ahead to market my basement flat in Nottingham. Conveyancing solicitors are to be appointed soon, however I have recently received a half-yearly maintenance charge invoice – Do I pay up?
It best that you discharge the maintenance contribution as usual given that all rents and service payments should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the registered owner of a studio flat in Nottingham, conveyancing was carried out in 1998. How much will my lease extension cost? Corresponding properties in Nottingham with an extended lease are worth £191,000. The ground rent is £55 yearly. The lease ceases on 21st October 2078
With 53 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
Can I find out who is the owner of a property in Nottingham?
As long as the premises is recorded at HMLR, and you have enough details of the address of the premises, you should be able to see details from the HM Land Registry of the registered proprietor for a a minimal charge.