I purchased a freehold house in Walton but nevertheless charged rent, why is this and what is this?
It is rare for properties in Walton and has limited impact for conveyancing in Walton 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I have been told that property searches are the number one cause of obstruction in Walton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of slowing down conveyancing in Walton.
Have completed on a a detached house in Walton , What is the estimated time for the Land Registry to record my title? My Walton conveyancing solicitor has been painfully slow, so I want to be sure that my name is registered.
As far as conveyancing in Walton registration is no quicker or slower than the rest of the country. Rather than based on location, timescales can differ according to the party submitting the application, whether it is in order and whether the Land registry must send notices to any third parties. As of today in the region of 80% of such applications are completed within two weeks but occasionally there can be protracted hold-ups. Historically registration takes place after the buyer has moved in to the premises therefore 'speed' is not always top priority but if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for an expedited registration.
Hoping to buy a property located in Walton and I am already nervous. I couldn't find anything specific about Walton. Conveyancing will be needed in due course but do you know about the Walton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Walton. In the meantime here are some basic statistics that we found
I work for a long established estate agent office in Walton where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Walton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Walton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a Walton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired term as at the valuation date was 82.93 years.
We have had DIP from Skipton Building Society who said that they will loan up to £117k. When do I need to instruct a practitioner for conveyancing? Walton is where we are .
You can instruct a property lawyer now requesting that they open a file for you. This will trigger: 1) the estate agent to issue a Sales Memo to all parties 2) the seller’s solicitor to submit the draft agreement. That being said, do not instruct your conveyancer to start searches until you receive your valuation report via Skipton Building Society and you are willing to proceed.