I purchased a freehold property in Great Linford yet invoiced for rent, why is this and what is this?
It is rare for properties in Great Linford and has limited impact for conveyancing in Great Linford 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 after 2037 will be dispensed with completely.
The Great Linford conveyancing solicitors that just started acting on my house acquisition in Great Linford have without warning closed. I chose them because I needed a firm on the Santander conveyancing panel and my previous Great Linford lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Great Linford I like with a park and transport links nearby, the downside is that it only has 51 years on the lease. There is not much else in Great Linford in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I'm refinancing my existing property to a BTL mortgage with Clydesdale and intend to use the remaining equity as a down payment on further property. The area we are interested in is Great Linford. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Do use our comparison tool on this site to be sure that the solicitors are approved by both banks. On the basis that they are your conveyancer will be able to tie up the two deals but you should have a chat with you solicitor and specify your expectations and needs.
Looking forward to exchange soon on a ground floor flat in Great Linford. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Great Linford should include some of the following:
Whether the lease restricts you from letting out the property, or having a home office for business It needs to be made clear to you if the lease allows you to alter or improve aspects of the premises- you must be made aware as to whether it applies to all alterations or just structural alteration, and whether permission is required The length of the lease term. You should receive guidance as what happens when the lease expires, and aware of the importance of the 80 year mark You must be informed what constitutes a Nuisance as far as the lease is concerned Where does the liability rest to repair and maintain the main walls and foundations. It is important that you know who is responsible the repair and maintenance of every part of the building
I am the registered owner of a basement flat in Great Linford, conveyancing having been completed in 2012. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Great Linford with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2086
With 64 years left to run we estimate the price of your lease extension to range between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.