I own a freehold residence in Petts Wood but still charged rent, why is this and what is this?
It is rare for properties in Petts Wood and has limited impact for conveyancing in Petts Wood 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 establishment of new 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 in 2037 is to be dispensed with completely.
My uncle informed me that in buying a property in Petts Wood there could be a number of restrictions preventing external changes to the property. Is this right?
We are aware of a number of properties in Petts Wood which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Petts Wood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm the single recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in Petts Wood. The Petts Wood property was put into my name in May. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the property in May. Do I have to wait half a year to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view banks take of it, depend on the mortgage company as this clause principally exists to identify subsales or the flipping of property.
When it comes to mortgage companies such as Santander, do Petts Wood solicitors incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We are selling our property in Petts Wood and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A high street Petts Wood conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a factory type conveyancing practice rather than a conveyancing solicitor in Petts Wood. We have lived in Petts Wood for three years we know of no issue. Should we get in touch with our local Authority to seek clarification need.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Me and my brother have a terraced Edwardian house in Petts Wood. Conveyancing solicitor acted for me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the exact same address. I'd like to know for sure, how can I find out??
You should review 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 Petts Wood 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 question the position with the conveyancing lawyer who carried out the work.
Due to the advice of my in-laws I had a survey completed on a property in Petts Wood prior to retaining solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders may refuse to issue a mortgage on such a house.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Petts Wood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Petts Wood to see if the conveyancing will be more expensive.
I have just started marketing my basement flat in Petts Wood. Conveyancing is yet to be initiated, but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you discharge the maintenance contribution as usual as all ground rent and service payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents 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. This will smooth the conveyancing process.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Petts Wood conveyancing firm to help?
You certainly can. We can put you in touch with a Petts Wood conveyancing firm who can help.
An example of a Lease Extension decision for a Petts Wood flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The remaining number of years on the lease was 50.57 years.