I own a freehold premises in Summertown but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Summertown and has limited impact for conveyancing in Summertown 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 generation 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 after 2037 is to be extinguished.
I am selling my flat in Summertown. Will my conveyancing practitioner have to be required to be on the UBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
Are there restrictive covenants that are commonly picked up during conveyancing in Summertown?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Summertown. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the input of my in-laws I had a survey completed on a property in Summertown ahead of instructing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some banks may not grant a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Summertown. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Summertown to see if the conveyancing will be more expensive.
Can you provide any top tips for leasehold conveyancing in Summertown from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Summertown can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers’ solicitors. Some Summertown leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Summertown state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. Where you dont have the approvals in place you should not communicate with the landlord without checking with your solicitor first. You believe that you know the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
Summertown Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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Best to be warned whether window replacement or some other significant cost is pending that will be shared amongst the tenants and could well materially impact the level of the service fees or require a specific invoice. Most Summertown leasehold flats will have a service charge for maintenance of the block set by the landlord. If you purchase the property you will have to pay this contribution, usually quarterly during the year. This could vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge for you to pay annual, normally this is not a exorbitant sum, say approximately £25-£75 but you should to enquire it because on occasion it can be many hundreds of pounds.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Summertown. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Summertown are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Summertown in which case you should be shopping around for a Summertown conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.