I purchased a freehold residence in Burscough yet charged rent, why is this and what is this?
It’s unusual for properties in Burscough and has limited impact for conveyancing in Burscough 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 fresh rentcharges from 1977 onwards.
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 own a semi-detached Georgian house in Burscough. Conveyancing lawyer represented me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for 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 Burscough and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing solicitor who carried out the work.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Burscough is where the house is located. What do you suggest?
Flying freeholds in Burscough are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burscough you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burscough may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
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At this site get an accurate costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Burscough. As opposed to estate agents and brokerage sites we are not in the business of charging firms a fee if you instruct them for your home move in Burscough
In scouring the web for the term on line conveyancing in Burscough it shows results of many conveyancersin the area. How do I determine which is the suitable conveyancing solicitor for my move?
The ideal way of finding a suitable conveyancer is through a trusted testimonial, so enquire of colleagues and relatives who have purchased a property in Burscough or the local estate agent or financial adviser. Fees for conveyancing in Burscough differ, so it's sensible to secure a minimum of four fee estimates from different companies. Be sure to obtain confirmation what costs in the quote includes.