I purchased a freehold residence in Fradley yet charged rent, why is this and what is this?
It’s unusual for properties in Fradley and has limited impact for conveyancing in Fradley 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 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 post 2037 is to be dispensed with completely.
My friend recommended that if I am buying in Fradley I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Fradley conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Fradley around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Fradley.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Fradley. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Fradley
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
Due to the advice of my in-laws I had a survey completed on a property in Fradley in advance of appointing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks may not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you contact us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Fradley. Conveyancing may be slightly more expensive based on your lender's requirements.
What are the frequently found deficiencies that you come across in leases for Fradley properties?
There is nothing unique about leasehold conveyancing in Fradley. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I inherited a basement flat in Fradley, conveyancing was carried out 9 years ago. How much will my lease extension cost? Comparable flats in Fradley with over 90 years remaining are worth £195,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2089
You have 63 years remaining on your lease we estimate the price of your lease extension to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
My work colleague mentioned that before choosing a conveyancing firm they need approved by your mortgage company. It happens to be my first home move but I have an AIP via Halifax and I already have a local conveyancing solicitor in Fradley in place. Will HSBC insist on an approved conveyancer to be instructed? If so, where do I find that list so I can pick a conveyancing solicitor in Fradley?
You should use a solicitor that is on the HSBC panel. Simply telephone your chosen Fradley conveyancing lawyer to check if they are on the HSBC panel. If they are not approved you have numerous options available to you here:
- Proceed with your existing Fradley conveyancer but HSBC will no doubt appoint a property lawyer on their approved panel. This will result in additional fees together with likely interruption.
- Get a fresh solicitor to conduct the conveyancing, obviously checking they are on the HSBC conveyancing panel.
- Convince your lawyer to do everything within their powers to get accepted on the HSBC conveyancing panel.