I own a freehold residence in Kimbolton but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Kimbolton and has limited impact for conveyancing in Kimbolton 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Kimbolton. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 11/9/2021, the requirements read as follows :
I used Wolstenholmes a few years past for my conveyancing in Kimbolton. Now, I need the files however the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Kimbolton of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I decided to have a survey completed on a house in Kimbolton in advance of retaining conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks may not issue a loan on this type of premises.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kimbolton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kimbolton to see if the conveyancing costs will increase in light of this.
I work for a reputable estate agent office in Kimbolton where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Kimbolton conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. 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.
An alternative approach is 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.
I purchased a ground floor flat in Kimbolton, conveyancing having been completed in 2010. Can you work out an approximate cost of a lease extension? Similar flats in Kimbolton with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2098
With only 77 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
I happen to be an executor of my recently deceased mum’s Will, with a property in Kimbolton which is to be marketed. The property is unregistered at the Land Registry and I'm advised that some estate agents will insist that it is done before they will move forward. What's the mechanism for this?
In the circumstances you refer to it seems sensible to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.