I am the registered owner of a freehold residence in Holland Park but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Holland Park and has limited impact for conveyancing in Holland Park 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 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 in 2037 will be dispensed with completely.
What will a local search tell me regarding the house my wife and I buying in Holland Park?
Holland Park conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search plays an important part in many a Holland Park conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I am buying a new build flat in Holland Park. Conveyancing is a frightening process 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 legal work.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Holland Park
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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Holland Park I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Holland Park suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign 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 speak to your conveyancing lawyer about this.
How difficult is it to change conveyancer as I have to instruct one who is on the Barclays Direct conveyancing list. I hired a local conveyancing solicitor in Holland Park round the corner but she is not accepted by Barclays Direct
We will our best to assist in finding you a conveyancing solicitor in Holland Park on the Barclays Direct panel. Please note that the conveyancers that we on the directory do not pay us fee if you instruct them and are under regulation of the SRA who regulate all conveyancing solicitors in Holland Park. In utilising search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Holland Park.
Our conveyancer in Holland Park has uncovered a a legal deficiency with the lease for the property we are purchasing in Holland Park. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.