I purchased a freehold house in Waltham Forest yet pay rent, why is this and what is this?
It’s unusual for properties in Waltham Forest and has limited impact for conveyancing in Waltham Forest 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 from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Waltham Forest. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/2/2020, the requirements read as follows :
I know that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a house in Waltham Forest? or Apparently there is an ancient law that means some homeowners residing in a parish church boundary may be liable to pay for maintenance towards the chancel within the church. Is this appropriate for conveyancing in Waltham Forest?
Unless a prior purchase of the premises completed after 12 October 2013 you could assume that conveyancing practitioners handling conveyancing in Waltham Forest to remain recommending a chancel search and or chancel repair liability insurance.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Waltham Forest is the location of the property. Can you offer any advice?
Flying freeholds in Waltham Forest 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 Waltham Forest you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waltham Forest may decide 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 property.
I am the registered owner of a ground-floor 1960’s flat in Waltham Forest. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Waltham Forest conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Waltham Forest flat is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case affected 2 flats. The unexpired term was 64 years.
What makes a Waltham Forest lease unmortgageable?
Leasehold conveyancing in Waltham Forest is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I am contemplating choosing an online property lawyer ahead of a Waltham Forest conveyancing practice. Any advice?
Numerous benefits exist in being able to attend a local Waltham Forest conveyancing solicitor such as
- signing papers same day
- often being able to see someone face-to-face can make a significant difference, particularly for non-standard transactions
- the ability to raise concerns if things are not going as expected
When analysing fees, look carefully for hidden extras. The majority decent Waltham Forest high street solicitors give an all-inclusive figure. Many online companies appear to offer low cost prices, but have burried 'extras' in the in the terms and conditions.