I am the registered owner of a freehold property in High Holborn yet pay rent, why is this and what is this?
It’s unusual for properties in High Holborn and has limited impact for conveyancing in High Holborn 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Our bank has suggested solicitors on their panel based in High Holborn but I would rather use a conveyancing lawyer in High Holborn local to me. Can you help?
The minority of High Holborn conveyancing practices are on all banks conveyancing panel. Use our search tool to find a High Holborn conveyancing solicitor on the on the bank panel.
I have justfound out that Arc property Solicitors have been shut down. They carried out my conveyancing in High Holborn for a purchase of a leasehold apartment 10 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of High Holborn conveyancing specialists.
I'm purchasing my first flat in High Holborn with a mortgage from Britannia. The developers would not budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not reveal to my conveyancer about the extras as it would impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I am looking for a ground for flat up to £305k and found one near me in High Holborn I like with a park and railway links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in High Holborn in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.