I own a freehold residence in Edenthorpe but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Edenthorpe and has limited impact for conveyancing in Edenthorpe 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 many centuries, but the Rent Charge Act 1977 barred the generation of new 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 after 2037 will be dispensed with completely.
Should our lawyer be making enquiries regarding flooding as part of the conveyancing in Edenthorpe.
Flooding is a growing risk for conveyancers dealing with homes in Edenthorpe. There are those who acquire a property in Edenthorpe, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Edenthorpe. The standard information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to discover if the premises has suffered from flooding. If the premises has been flooded in past and is not disclosed by the owner, then a buyer could issue a claim for damages as a result of such an inaccurate answer. A purchaser’s lawyers will also commission an environmental search. This will higlight if there is a recorded flood risk. If so, further inquiries should be initiated.
Due to the guidance of my in-laws I had a survey completed on a property in Edenthorpe prior to retaining solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some lenders tend refuse to give a loan on such a premises.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can investigate further with 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 Edenthorpe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Edenthorpe to see if the conveyancing costs will increase in light of this.
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At this site get an accurate costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Edenthorpe. Unlike many estate agents and many comparison sites we do not operate kick-back arrangements with solicitors. Many agents and online brokers 'recommend' solicitors who pay the highest commission, as opposed to the best value conveyancing in Edenthorpe
There are only Fifty years unexpired on my flat in Edenthorpe. I now want to extend my lease but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to locate the freeholder. For most situations a specialist would be useful to carry out a search and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Edenthorpe.
I am the registered owner of a 1 bedroom flat in Edenthorpe, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Edenthorpe with a long lease are worth £176,000. The ground rent is £50 yearly. The lease runs out on 21st October 2069
You have 50 years left to run the likely cost is going to be between £31,400 and £36,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.