I am the registered owner of a freehold premises in South Yorkshire but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in South Yorkshire and has limited impact for conveyancing in South Yorkshire 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 establishment of new 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 require fast conveyancing in South Yorkshire as I have pressure to sign on the dotted line within 2 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you have the choice not to do searches although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in South Yorkshire the following are examples of what can appear and adversely affect future saleability: Enforcement Actions, Overdue Charges, Outstanding Grants, Road Schemes,...
Are there restrictive covenants that are commonly identified during conveyancing in South Yorkshire?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in South Yorkshire. 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…’
As co-executor for the estate of my father I am selling a house in Monmouth but reside in South Yorkshire. My lawyer (approximately 260 kilometers from meneeds me to execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing practitioner in South Yorkshire who can witness this legal document for me?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are based in South Yorkshire
Do you have any top tips for leasehold conveyancing in South Yorkshire from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in South Yorkshire can be reduced where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers’ representatives. Some South Yorkshire leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. The majority of landlords or Management Companies in South Yorkshire levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in South Yorkshire. If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Organising a new share certificate can be a lengthy formality and slows down many a South Yorkshire home move. If a reissued share is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in South Yorkshire state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Where you fail to have the approvals in place do not communicate with the landlord without contacting your solicitor first.
Leasehold Conveyancing in South Yorkshire - A selection of Questions you should ask before buying
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Where a South Yorkshire lease has less than 80 years it will have adverse implications on the value of the apartment. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the premises for a couple of years before you are entitled to extend the lease. Most South Yorkshire leasehold properties will incur a service charge for the upkeep of the building set by the management company. Should you buy the flat you will have to meet this contribution, normally periodically during the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a large figure, say about £50-£100 but you need to enquire as on occasion it could be surprisingly expensive. What is the the remaining lease term?
18 days into buying a residence in South Yorkshire. Conveyancing solicitor has called to say the title is "Leasehold". Should this impact the marketability of the property?
South Yorkshire conveyancing does not ordinarily involve leasehold houses. The key consideration here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's almost the same as freehold, so it’s unlikely to impact the saleability too much.
On the flip side, if it's, say, Sixty years it will have a adverse effect on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease provided to your conveyancing practitioner.