I own a freehold property in Earley but still pay rent, why is this and what is this?
It’s unusual for properties in Earley and has limited impact for conveyancing in Earley 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 post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Despite weeks of looking the Title Certificate and documents to my property are lost. The solicitors who dealt with the conveyancing in Earley 5 years ago are no longer around. What are my options?
Assuming the title is registered the information relating to your proprietorship will be recorded by the Land Registry under a Title Number. It is possible to execute a search at the Land Registry, locate your property and secure current copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will usually hold a file duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I'm purchasing my first flat in Earley benefiting from help to buy. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not to tell my conveyancer about the deal as it could affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I opted to have a survey completed on a house in Earley before retaining lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies tend not issue a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Earley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Earley to see if the conveyancing costs will increase in light of this.
Given that I am about to spend hundreds of thousands of pounds on a property in Earley I wish to have a conversation with the conveyancer regarding thehouse move ahead of appointing the firm. Is this something that you can arrange?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer due to be doing your conveyancing in Earley.There is no ‘factory style conveyancing’ - every client is unique person, not a matter reference. The practices that we put you in touch with believe that the figure you are quoted for your conveyancing in Earley should be the amount on the final invoice that you are charged.
I own a leasehold flat in Earley. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Earley who previously acted has long since retired. What should I do?
First contact HMLR to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Earley conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a studio flat in Earley, conveyancing having been completed in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Earley with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2076
With only 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.