I am the registered owner of a freehold premises in Low Moor yet pay rent, why is this and what is this?
It is rare for properties in Low Moor and has limited impact for conveyancing in Low Moor 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 creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We're in Low Moor, First time buyers purchasing with a mortgage (lender is Coventry BS , and our solicitor is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I own a 4 bedroom Georgian property in Low Moor. Conveyancing lawyer acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Low Moor and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who completed the work.
I have been recommended by a couple of local estate agents in Low Moor to choose a property lawyer on your site. Is there a financial advantage for Estate Agents to offer your site over and above another?
We refuse to make any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I’m about to sell my garden flat in Low Moor. Conveyancing has not commenced, but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the service charge as usual given that all ground rent and maintenance invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a garden flat in Low Moor, conveyancing having been completed 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Low Moor with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2102
With 76 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
Is planning consent required to split a single dwelling into two appartments in Low Moor? This has been carried out to a house next door to my home in Low Moor and was not aware of it happening until after the works were complete.
Planning consent is required for converting a single house in Low Moor into flats but probably not for reverting back to single dwelling-house so, simply put, yes,a it is needed.