I own a freehold house in Borehamwood and Elstree but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Borehamwood and Elstree and has limited impact for conveyancing in Borehamwood and Elstree 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 establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I'm purchasing my first flat in Borehamwood and Elstree benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of extras instead. The property agent suggested that I not disclose to my conveyancer about the extras as it could jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a house in Borehamwood and Elstree in advance of appointing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some banks will not give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Borehamwood and Elstree. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Borehamwood and Elstree to see if the conveyancing will be more expensive.
How can the Landlord & Tenant Act 1954 impact my commercial premises in Borehamwood and Elstree and how can you help?
The particular law that you refer to affords protection to business lessees, giving them the right to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Borehamwood and Elstree
I own a leasehold flat in Borehamwood and Elstree. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Borehamwood and Elstree who acted for me is not around. Any advice?
First contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Borehamwood and Elstree conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a 1 bedroom flat in Borehamwood and Elstree, conveyancing having been completed 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Borehamwood and Elstree with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2078
You have 59 years unexpired we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.