I purchased a freehold premises in North Acton but still invoiced for rent, why is this and what is this?
It is rare for properties in North Acton and has limited impact for conveyancing in North Acton 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 new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
We're in North Acton, FTBs purchasing with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have justbeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in North Acton for a purchase of a freehold house 10 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of North Acton conveyancing specialists.
Should I appoint a North Acton conveyancing lawyer based in the vicinity that I am buying? We have a good friend who can execute the legal work however her office is a couple of hundredmiles drive away.
The benefit of a high street North Acton conveyancing practice is that you can pop in to sign paperwork, hand in your ID and pester them if necessary. Having local North Acton know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and in the main were happy that must surpass using an unfamiliar North Acton conveyancing lawyer solely due to them being local.
I am attracted to a two apartments in North Acton both have about 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in North Acton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with North Acton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a North Acton conveyancing firm to act on my behalf?
Most definitely. We can put you in touch with a North Acton conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a North Acton residence is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case was in relation to 2 flats. The remaining number of years on the lease was 68.47 years.
I am in the process of purchasing my first house in North Acton. Conveyancing lawyer has been chosen. The mortgage adviser advised that a survey is not necessary as the property was only built in 2001.
You would be best advised to take a Home Buyer's Report. Given the residence is over 10 years old the property will be without a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be enough. They will highlight any obvious problems and recommend further investigation if appropriate. Where there are any indications of material issues get a full structural survey.