I purchased a freehold premises in Ireleth and Askam yet pay rent, why is this and what is this?
It’s unusual for properties in Ireleth and Askam and has limited impact for conveyancing in Ireleth and Askam 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 generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Are there restrictive covenants that are commonly identified during conveyancing in Ireleth and Askam?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ireleth and Askam. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
The estate agent has sent us the confirmation of our purchase of a new build apartment in Ireleth and Askam. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Ireleth and Askam
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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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Ireleth and Askam I like with amenity areas and transport links in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Ireleth and Askam suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension 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 regarding this matter.
In what way can the Landlord & Tenant Act 1954 impact my business property in Ireleth and Askam and how can your lawyers assist?
The particular law that you refer to affords protection to business leaseholders, granting the dueness to make a request to court for a renewal tenancy and continue in occupation at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Ireleth and Askam is one of our numerous areas of the UK in which the firms we work with are located
There are only Sixty One years remaining on my lease in Ireleth and Askam. I now want to get lease extension but my landlord is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the freeholder. On the whole a specialist should be helpful to carry out a search and prepare a report to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Ireleth and Askam.
Leasehold Conveyancing in Ireleth and Askam - Examples of Questions you should consider before Purchasing
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How much is the ground rent and service charge? In the main the cost for major works tend not to be built into the service charges, although some managing agents in Ireleth and Askam obliged leasehold owners to pay into a sinking fund created for the specific purpose of establishing a fund for larger works.