I purchased a freehold property in Great Linford but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Great Linford and has limited impact for conveyancing in Great Linford 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 many centuries, but the Rent Charge Act 1977 barred the generation 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 post 2037 will be dispensed with completely.
Have purchased a a terraced house in Great Linford , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Great Linford conveyancing solicitor has been painfully slow, so I want to be certain the registration formalities are addressed.
There is nothing unique about conveyancing in Great Linford registration formalities. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether it is in order and whether the Land registry need to notify any third parties. At present in the region of three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be longer delays. Historically registration takes place after the new owner is living at the property thus post completion formalities is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your lawyers can contact the land registry and explain the circumstances.
I opted to have a survey done on a house in Great Linford prior to retaining conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some banks will refuse to grant a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to call us we can check 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 Great Linford. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Great Linford cover?
Great Linford conveyancing for business premises incorporates a broad array of guidance, provided by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
If all goes to plan we aim to complete the sale of our £425,000 maisonette in Great Linford on Friday in a week. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Great Linford?
Great Linford conveyancing on leasehold flats usually involves the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are entitled to levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Great Linford Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
-
Where a Great Linford lease has no more than eighty years it will affect the marketability of the property. It is worth checking with your lender that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will most likely require a lease extension at some point and it is worth finding out what this will be. For most Great Linfordlease extensions you will be required to have been the owner of the property for 24 months before you are entitled to exercise a lease extension. The answer will be helpful as a) areas can cause problems in the building as the communal areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have full disclosure Best to be warned whether a new roof is being put on or some other major work is coming up that will be shared by the tenants and may well dramatically impact the level of the maintenance charges or necessitate a one time invoice.
I am searching for an affordable conveyancing lawyer in Great Linford to assist me in selling my flat. I I am fearful of being overcharged and there are so many Great Linford conveyancing organisations out there...how do I know which one is best to appoint?
The best tip when looking for a Great Linford property lawyer is take the advice from friends or trusted professionals. You are likely to know someone who has used a conveyancing lawyer at some point. Feel free to make the most of our tool to compare Great Linford conveyancing quotes