I own a freehold house in Lake but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Lake and has limited impact for conveyancing in Lake 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 fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
My grandmother passed away last year and as sole heir and executor I was left the house in Lake. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
If you intend to refinance then Coventry BS will require that you use a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
Are there restrictive covenants that are commonly identified during conveyancing in Lake?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Lake. 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…’
Am I better off to instruct a Lake conveyancing lawyer based in the area that I am hoping to buy? An old friend can execute the legal formalities however her office is a couple of hundredmiles drive away.
The primary upside of using a high street Lake conveyancing practice is that you can pop in to execute documents, deliver your ID and pester them where appropriate. They will also have local intelligence which is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were content that should outweigh using an unfamiliar Lake conveyancing solicitor just because they are Lake based.
All being well we will complete the sale of our £325,000 apartment in Lake on Friday in a week. The management company has quoted £336 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Lake?
Lake conveyancing on leasehold apartments more often than not involves the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to do so. They are at liberty to levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded if you want to sell the property.
Lake Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
Please note if it is less than eighty years it will affect the salability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this would cost. For most Lakelease extensions you would need to own the residence for two years in order to be eligible to exercise a lease extension. How is the lease structured? Who are the managing agents?
Why do Lake conveyancing costs are more expensive for leasehold and freehold properties?
Leasehold conveyancing in Lake more often than not will involve additional work for instance fully examining the lease, liaising with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts etc.