I own a freehold house in Breaston but still invoiced for rent, why is this and what is this?
It is rare for properties in Breaston and has limited impact for conveyancing in Breaston 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 establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
About to place a bid on a leasehold flat in Breaston. The selling agents tell me that it is the norm for flats in Breaston to have less than 75 years unexpired on the lease. I am getting a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/12/2018 the requirements read as follows :
Is it necessary to pay for insurance to address the risk of chancel repairs when acquiring a property in Breaston?
Unless a prior purchase of the property completed post 12 October 2013 you could take it that lawyers delivering conveyancing in Breaston to remain encouraging a chancel search and or insurance against a claim.
I am looking for a leasehold apartment up to £235,500 and found one near me in Breaston I like with a park and railway links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Breaston in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I have been pointed in your direction by two or three local estate agents in Breaston to find a conveyancer on your site. What’s the financial incentive for Estate Agents to recommend your site over and above a competitor’s?
We don’t make any referral fee for sending work in our direction. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.