I am the registered owner of a freehold house in Newburn but nevertheless pay rent, why is this and what is this?
It is rare for properties in Newburn and has limited impact for conveyancing in Newburn 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Is there a search tool that I can utilise to check that the solicitor conducting my conveyancing in Newburn is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Skipton Building Society thus paying £192.00 in additional conveyancing bill.
You should make the most of the search tool on this site. Pick the mortgage company and type ‘Newburn’ or your location and you will be presented with a number of lawyer located in Newburn or by proximity to you.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a simple, no chain conveyancing. Newburn is the location of the property. Is there any advice you can give?
Flying freeholds in Newburn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newburn you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newburn may ascertain 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 property.
My partner has urged me to appoint his conveyancing solicitors in Newburn. Do I follow his recommendation?
There are no two ways about it the ideal way to choose a conveyancing practitioner is to seek feedback from friends or relatives who have actually previously instructed the conveyancer that you are are thinking of instructing.
I have just started marketing my ground floor flat in Newburn. Conveyancing is yet to be initiated, but I have recently received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you discharge the service charge as normal because all rents and maintenance charges should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a split level flat in Newburn, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Newburn with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2081
With just 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 plus costs.
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 this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.