I own a freehold property in Penzance but still charged rent, why is this and what is this?
It’s unusual for properties in Penzance and has limited impact for conveyancing in Penzance 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 establishment of new rentcharges post 1977.
Previous 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 dispensed with completely.
What is the optimum way to check that the solicitor handling my conveyancing in Penzance is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Yorkshire Building Society thus paying £192.00 in further legal charges.
You should take advantage of the search tool on this page. Please choose the lender and type ‘Penzance’ or your location and you will see a number of lawyer located in Penzance or nearest you.
The deeds to our property can not be found. The solicitors who did the conveyancing in Penzance 4 years ago are no longer around. What do I do?
Gone are the days when you need to hold title deeds to prove you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
Due to the guidance of my in-laws I had a survey completed on a house in Penzance ahead of instructing solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some banks will refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Penzance. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penzance to see if the conveyancing costs will increase in light of this.
I am a negotiator for a busy estate agency in Penzance where we see a number of flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Penzance conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a ground floor flat in Penzance, conveyancing was carried out June 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Penzance with a long lease are worth £197,000. The ground rent is £55 yearly. The lease runs out on 21st October 2075
With only 54 years remaining on your lease we estimate the premium for your lease extension to span between £32,300 and £37,400 as well as costs.
The suggested premium range 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. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.