I am the registered owner of a freehold premises in Lynton but still charged rent, why is this and what is this?
It’s unusual for properties in Lynton and has limited impact for conveyancing in Lynton 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 establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I am buying a semi-detached house in Lynton. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Lynton you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Lynton.
I'm buying a new build house in Lynton with a mortgage from National Westminster Bank. The sellers would not budge the amount so I negotiated £7000 of extras instead. The sale representative told me not disclose to my conveyancer about the extras as it will jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey carried out on a property in Lynton prior to appointing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements from Halifax. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lynton. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold house in Lynton. Conveyancing and Santander mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Lynton who acted for me is not around. What should I do?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Lynton conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a leasehold flat in Lynton, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Lynton with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 per annum. The lease comes to an end on 21st October 2071
You have 51 years left to run the likely cost is going to be between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I need to find a mortgage company panel solicitor in Lynton. Can you assist?
It is not clear why you need a Lynton panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the mortgage company to find out which solicitors in Lynton are on their panel . If you do find such a firm in Lynton not listed please direct them to our site to list. After all the cost is only one £1 a month