I purchased a freehold house in Stoke Newington but still charged rent, why is this and what is this?
It is rare for properties in Stoke Newington and has limited impact for conveyancing in Stoke Newington 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 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 after 2037 is to be dispensed with completely.
My wife and I purchased a semi-detached Georgian house in Stoke Newington. Conveyancing lawyer acted for me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the matching property. I'd like to know for sure, how can I find out??
You should read 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stoke Newington and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
I am purchasing a new build house in Stoke Newington benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The property agent told me not disclose to my solicitor about this deal as it would jeopardize my loan with Barclays Direct. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Stoke Newington is where the house is located. Can you offer any advice?
Flying freeholds in Stoke Newington are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stoke Newington you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stoke Newington may ascertain 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 premises.
Am I right to be suspicious that estate agents that I am dealing with are suggesting an internet conveyancing firm as opposed to a local Stoke Newington conveyancing practice?
As is the case with many service providers, often suggestions from family and friends can be worth their weight in gold. Yet there are lots of parties with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders may recommend solicitors to choose. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the endorsement. You are free to appoint your preferred conveyancer. However, bear in mind that the majority of banks operate an approved list of law firms you must use for the lender aspect of your conveyancing.
What are your top tips when it comes to choosing a Stoke Newington conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Stoke Newington conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Stoke Newington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
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What volume of lease extensions has the firm conducted in Stoke Newington in the last year? If they are not ALEP accredited then why not?
Following months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Stoke Newington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension decision for a Stoke Newington flat is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case was in relation to 1 flat.