I own a freehold premises in Edenthorpe yet charged rent, why is this and what is this?
It is rare for properties in Edenthorpe and has limited impact for conveyancing in Edenthorpe 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Should my solicitor be raising questions about flooding as part of the conveyancing in Edenthorpe.
Flooding is a growing risk for lawyers dealing with homes in Edenthorpe. Some people will acquire a house in Edenthorpe, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or by their solicitors which should figure out the risks in Edenthorpe. The conventional set of information sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to determine whether the premises has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the vendor, then a buyer may bring a compensation claim stemming from an inaccurate answer. A purchaser’s lawyers will also commission an enviro report. This should disclose whether there is a recorded flood risk. If so, more detailed inquiries will need to be initiated.
I have been on the look out for a flat up to £305k and identified one close by in Edenthorpe I like with amenity areas and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Edenthorpe for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
How does the Landlord & Tenant Act 1954 impact my commercial premises in Edenthorpe and how can you help?
The particular law that you refer to affords protection to commercial lessees, giving them the legal entitlement to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Edenthorpe is one of our numerous areas of the UK in which our lawyers have offices
I need to instruct a conveyancing solicitor for remortgage conveyancing in Edenthorpe. I happened to discover a web site which appears to be the perfect solution If there is a chance to get all formalities completed via email that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Expecting to exchange soon on a garden flat in Edenthorpe. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Edenthorpe should include some of the following:
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Are pets allowed in the flat? The total extent of the demise. This may be the property itself but may incorporate a roof area or storage are if applicable. Your conveyancers should enable you to have an understanding of the insurance requirements Responsibility to repair and maintain the building. It is essential that you know which party is duty bound to repair and maintenance of every part of the building specifics of the parties to the lease, e.g. these could be the lessee, superior lessor, landlord
Leasehold Conveyancing in Edenthorpe - Examples of Questions you should consider Prior to Purchasing
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Please note if it is no more than eighty years it will have adverse implications on the marketability of the apartment. Check with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably need a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would be be obliged to have been the owner of the property for 24 months before you are legally able to carry out a lease extension. How long is the Lease? How is the lease structured?