I own a freehold house in Taverham but nevertheless charged rent, why is this and what is this?

It is rare for properties in Taverham and has limited impact for conveyancing in Taverham 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 creation 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 will be dispensed with completely.

It has been five months since my purchase conveyancing in Taverham completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I am buying a new build flat in Taverham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Taverham

Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are architect prepared.

Do you have any top tips for leasehold conveyancing in Taverham from the perspective of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Taverham can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ lawyers.
In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Taverham leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you fail to have the approvals to hand do not contact the landlord without checking with your solicitor in advance. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unresolved.

I own a split level flat in Taverham, conveyancing formalities finalised in 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Taverham with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease expires on 21st October 2089

With just 65 years left to run we estimate the price of your lease extension to be between £13,300 and £15,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

We are in the midst of selling our flat in Taverham. Conveyancing lawyers are doing their job but we are being charged a fortune by the managing agents. So far we have forked out £268 for a leasehold management pack and then another £117.20 for answers to queries raised by the purchaser's conveyancing practitioner.

Neither you or your conveyancing practitioner will have any sway over the extent of the bill for this information but the average fee for the information for Taverham leasehold property is £395. When it comes to Taverham conveyancing transactions it is standard for the owner to cover the costs. The landlord or their agents are not duty bound to address these questions although many will be content to do so - albeit often at high prices where the fees bear little relation to the work involved. Regretfully there is no legislation that requires capped fees for administrative tasks. There is no prescriptive time limit by which they are obliged to provide answers.