I purchased a freehold residence in Long Buckby but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Long Buckby and has limited impact for conveyancing in Long Buckby 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 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 is to be dispensed with completely.
My aunt pointed out to me me that in buying a property in Long Buckby there could be various restrictions as to what one can do in terms of external changes to the property. Is this right?
There are anumerous of properties in Long Buckby which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Long Buckby should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My conveyancer has informed me that lack of right of way insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Long Buckby?
The appropriate level of lack of right of way indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
We were going to get a AIP from Principality this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Principality recommend any Long Buckby solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Long Buckby solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Long Buckby is the location of the property. What do you suggest?
Flying freeholds in Long Buckby are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Long Buckby 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 Long Buckby may determine 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.
What does commercial conveyancing in Long Buckby cover?
Non domestic conveyancing in Long Buckby incorporates a broad array of services, given by regulated solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I am looking at a two maisonettes in Long Buckby both have about 50 years remaining on the lease term. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
I purchased a basement flat in Long Buckby, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Long Buckby with an extended lease are worth £186,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2070
With just 52 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.