I am the registered owner of a freehold premises in Haxby yet pay rent, why is this and what is this?
It is rare for properties in Haxby and has limited impact for conveyancing in Haxby 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 establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
A friend suggested that where I am purchasing in Haxby I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Haxby conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Haxby around the property and the people living there. It incorporates 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 House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Haxby.
I have todayfound out that Wolstenholmes have closed. They carried out my conveyancing in Haxby for a purchase of a freehold house 9 months ago. How can I establish that my home is in my name in the name of the previous owner?
The easiest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Haxby conveyancing specialists.
I am looking for a leasehold apartment up to £195,000 and found one near me in Haxby I like with open areas and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Haxby in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I'm refinancing my existing home to a buy to let mortgage with Norwich and Peterborough Building Society and intend to use the remaining equity as a down payment on another property. The location we are interested in is Haxby. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Do use our search tool on this page to ensure that the solicitors are approved by both mortgage companies. On the basis that they are your conveyancer should be able to tie up the two transactions but you should have a chat with you solicitor and make clear your desired outcome and requirements.
I am employed by a long established estate agent office in Haxby where we have experienced a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Haxby conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
Leasehold Conveyancing in Haxby - Examples of Questions you should consider Prior to buying
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Its a good idea to find out as much as possible about the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the communal areas. Enquire of prospective neighbours what they think of their management. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. If a Haxby lease has less than 80 years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension at some point and it is worth discovering how much this would cost. For most Haxbylease extensions you will be required to have owned the property for two years in order to be entitled to extend the lease. Does this lease have in excess of 82 years left?