I purchased a freehold residence in Trafford Park but still charged rent, why is this and what is this?
It’s unusual for properties in Trafford Park and has limited impact for conveyancing in Trafford Park 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
What does a local search tell me about the property my wife and I purchasing in Trafford Park?
Trafford Park conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search plays a central part in most Trafford Park conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
I acquired my flat on 6 May and my personal details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Trafford Park said it would be registered in a couple of weeks. Are titles in Trafford Park particularly slow to register?
There is nothing unique about conveyancing in Trafford Park registration formalities. Rather than based on location, timescales can differ subject to who lodges the application, whether it is in order and if the Land registry need to notify any third parties. Currently approximately 80% of submission are fully dealt with in less than three weeks but some can be subject to protracted hold-ups. Registration occurs after the new owner has moved in to the property therefore an expedited registration is not typically primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor can contact the land registry and explain the circumstances.
I opted to have a survey completed on a house in Trafford Park prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies will not issue a loan on a flying freehold property.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Trafford Park. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Trafford Park to see if the conveyancing costs will increase in light of this.
There are only 68 years remaining on my lease in Trafford Park. I need to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the lessor. For most situations a specialist would be helpful to carry out a search and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court covering Trafford Park.
I own a garden flat in Trafford Park, conveyancing was carried out March 1997. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Trafford Park with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2083
With only 58 years left to run the likely cost is going to be between £23,800 and £27,400 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
How do I find a Trafford Park conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 20kilometers to meet the solicitor.
You can use the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Trafford Park and you will see a number of lawyer located nearest Trafford Park. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.