I own a freehold house in Pelsall but nevertheless charged rent, why is this and what is this?
It is rare for properties in Pelsall and has limited impact for conveyancing in Pelsall 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 creation of new 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 post 2037 will be dispensed with completely.
We hope to to buy with Darlington Building Society. We have called around locally yet am unable to find a Pelsall conveyancing firm on the Darlington Building Society panel. Could you assist?
You should take advantage of the search tool on this web page. Pick the mortgage company and type Pelsall or your preferred area and you will discover a number of lawyer located in Pelsall or near you.
I purchased a renovated Georgian property in Pelsall. Conveyancing solicitor represented me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pelsall and other locations in 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 buyers. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Pelsall is where the house is located. Is there any advice you can give?
Flying freeholds in Pelsall 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 Pelsall you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pelsall may decide 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.
I am a negotiator for a reputable estate agency in Pelsall where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Pelsall conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 2 bed flat in Pelsall, conveyancing formalities finalised in 2008. 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? Similar properties in Pelsall with a long lease are worth £260,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2099
With just 74 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
I am searching for an affordable conveyancing lawyer in Pelsall to buy a house. I I am concerned about being overcharged but with lots of Pelsall conveyancing organisations out there...how do I know which one is best to appoint?
To fee estimates for your move from the conveyancing firms that provide services in Pelsall please make the most of our quote tool.