I am the registered owner of a freehold house in Bolsover yet invoiced for rent, why is this and what is this?
It is rare for properties in Bolsover and has limited impact for conveyancing in Bolsover 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 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 post 2037 will be dispensed with completely.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Bolsover. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/9/2020, the requirements read as follows :
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Bolsover I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Bolsover for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
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Last March I purchased a leasehold flat in Bolsover. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a split level flat in Bolsover, conveyancing having been completed January 1996. Can you work out an approximate cost of a lease extension? Equivalent flats in Bolsover with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2089
With just 69 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures 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 take any other action based on this information without first getting professional advice.