I purchased a freehold house in Parkwood Springs yet pay rent, why is this and what is this?

It’s unusual for properties in Parkwood Springs and has limited impact for conveyancing in Parkwood Springs 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 fresh 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 in 2037 will be dispensed with completely.

Just acquired a terraced house in Parkwood Springs , What is the estimated time for the Land Registry to register the transfer to my name? My Parkwood Springs conveyancing solicitor works at snail pace, so I want to check the post completion formalities are addressed.

There is nothing unique when it comes to conveyancing in Parkwood Springs registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether there are errors and if the Land registry communicate with any other persons or bodies. As of today in the region of 80% of such applications are completed within two weeks but occasionally there can be longer delays. Registration takes place after the new owner is living at the premises thus an expedited registration is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.

Due to the encouragement of my in-laws I had a survey completed on a property in Parkwood Springs prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will refuse to grant a mortgage on a flying freehold home.

It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Parkwood Springs. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Parkwood Springs to see if the conveyancing costs will increase in light of this.

I only have Seventy years left on my flat in Parkwood Springs. I now wish to get lease extension but my freeholder is absent. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to find the freeholder. For most situations an enquiry agent should be helpful to try and locate and prepare an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Parkwood Springs.

I acquired a 2 bed flat in Parkwood Springs, conveyancing formalities finalised 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Parkwood Springs with over 90 years remaining are worth £179,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2081

You have 57 years remaining on your lease the likely cost is going to span between £26,600 and £30,800 plus costs.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

What type of premises does your Parkwood Springs conveyancing quotes apply to?

The quotes supplied are only applicable to standard residential homes in England & Wales. Where you have any different needs for instance industrial or agricultural property or commercial conveyancing in Parkwood Springs please telephone us to consider your requirements .