I purchased a freehold residence in Liskeard but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Liskeard and has limited impact for conveyancing in Liskeard 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 creation of new 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 after 2037 will be dispensed with completely.

Me and my brother own a terraced Georgian property in Liskeard. Conveyancing practitioner acted for me and . I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. I'd like to know for sure, how can I find out??

You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Liskeard and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing lawyer who conducted the conveyancing.

Due to the advice of my in-laws I had a survey completed on a property in Liskeard before instructing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies may not grant a loan on this type of premises.

It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Liskeard. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Liskeard to see if the conveyancing will be more expensive.

I am attracted to a couple of flats in Liskeard which have about 50 years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Liskeard is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Liskeard conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Liskeard Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

How long is the Lease? Most Liskeard leasehold properties will have a service bill for maintenance of the building invoiced by the landlord. Where you acquire the flat you will have to pay this contribution, usually quarterly accross the year. This may be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent to be met annual, this is usually not a significant figure, say around £50-£100 but you should to check it because sometimes it can be surprisingly expensive. How much is the ground rent and service charge?

Our conveyancing solicitor in Liskeard is asking me for proof of ID documents stating that this forms part of his obligations as a solicitor on the mortgage company Solicitor panel. Can you confirm whether this is the case?

Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not unique to conveyancing in Liskeard