I purchased a freehold house in Southgate but still pay rent, why is this and what is this?
It’s unusual for properties in Southgate and has limited impact for conveyancing in Southgate 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 creation of new 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 in 2037 will be extinguished.
I am purchasing a victorian detached house in Southgate. Our aim is to carry out a loft conversion at the property.Will the conveyancing process include investigations to see if these alterations are allowed?
Your property lawyer should check the registered title as conveyancing in Southgate can on occasion identify restrictions in the title documents which prevent categories of works or need the consent of a 3rd party. Certain works call for local authority planning permissions and approval under the building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these issues with a surveyor before you commit yourself to a purchase.
My husband and I have arranged the release of further monies on our mortgage from Bank of Ireland as we wish to carry out renovations to our house in Southgate. Are we obliged to select a local Southgate solicitor on the Bank of Ireland conveyancing panel to deal with the paperwork?
Bank of Ireland don't usually appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland list.
I am due to exchange contracts on my flat. I had a double glazing fitted in November 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Lloyds are being a right pain. The Southgate solicitor who is on the Lloyds conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Lloyds are insisting on a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What does a local search inform me regarding the house I am buying in Southgate?
Southgate conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Searches UK The local search plays a central part in many a Southgate conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
It has been 4 months following my purchase conveyancing in Southgate concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Southgate is the location of the property. Is there any guidance you can give?
Flying freeholds in Southgate are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southgate you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southgate may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am attracted to a couple of maisonettes in Southgate which have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Southgate is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Southgate 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Southgate. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Southgate conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Southgate residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The unexpired term as at the valuation date was 70.31 years.