I purchased a freehold premises in Chantry but still invoiced for rent, why is this and what is this?
It is rare for properties in Chantry and has limited impact for conveyancing in Chantry 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I am buying a right to buy a flat in Chantry. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Chantry you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Chantry.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Chantry I like with a park and station nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Chantry in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I have been pointed in your direction by numerous property agents in Chantry to find a property lawyer using your seach tool. Is there a financial advantage for Estate Agents to market your lawyers over and above a competitor’s?
We refuse to make any referral fee for directing people our way. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
What advice can you give us when it comes to finding a Chantry conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Chantry conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Chantry conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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What are the costs for lease extension conveyancing? Can they put you in touch with clients in Chantry who can give a testimonial?
I inherited a ground floor flat in Chantry, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Chantry with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2092
With only 66 years remaining on your lease we estimate the premium for your lease extension to be between £12,400 and £14,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
I am an executor of my recently deceased aunt’s Will, with a property in Chantry which will be marketed. The property is unregistered at the Land Registry and I'm advised that some buyers solicitors will insist that it is done before they'll proceed. What's the procedure for this?
In the situation you refer to it seems sensible to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.