I am the registered owner of a freehold property in Spennymoor yet invoiced for rent, why is this and what is this?
It is rare for properties in Spennymoor and has limited impact for conveyancing in Spennymoor 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 fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
My partner and I are downsizing from our home in Spennymoor and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A high street Spennymoor conveyancer would know this is not the case. It does beg the question why the buyers are using an internet conveyancing outfit as opposed to a conveyancing solicitor in Spennymoor. Having lived in Spennymoor for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Spennymoor is the location of the property. Is there any guidance you can give?
Flying freeholds in Spennymoor are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Spennymoor you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Spennymoor may determine 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 premises.
My business partner and I are wishing to lease a unit on the high street. Can you recommend solicitors offering no-sale-no charges for commercial conveyancing in Spennymoor for below 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Spennymoor, including the sale and purchase of businesses as well as simply property. If you are intending to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can find you the right firm. As for the charges these will vary based on the structure and terms of the proposed transaction. Let us have your details or telephone so as to enable us to provide you with a fixed commercial conveyancing calculation.
I am a negotiator for a long established estate agency in Spennymoor where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Spennymoor conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a 1 bedroom flat in Spennymoor, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Spennymoor with over 90 years remaining are worth £211,000. The ground rent is £45 yearly. The lease terminates on 21st October 2092
You have 67 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Is planning consent needed to convert a house into two appartments in Spennymoor? This has taken place to a house adjacent to a friend in Spennymoor and was unaware of it happening until it was done.
Planning permission is required for converting a single house in Spennymoor into flats but possibly not for reverting back to single dwelling-house so, in answer to your query, yes.