I own a freehold residence in Port Isaac but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Port Isaac and has limited impact for conveyancing in Port Isaac 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.

Previous 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 extinguished.

Despite weeks of looking the Title Certificate and documents to our house can not be found. The lawyers who did the conveyancing in Port Isaac 5 years ago have long since closed. What are my options?

As long as you have a registered title the information relating to your ownership will be retained by HMLR under a Title Number. It is easy to execute a search at the Land Registry, find your house and get current copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be retrieved for twenty pounds.

How does conveyancing in Port Isaac differ for new build properties?

Most buyers of new build premises in Port Isaac approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Port Isaac tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Port Isaac or who has acted in the same development.

Is it simple use the search facility to locate a conveyancing solicitor in Port Isaac on the panel for my lender?

1st pick a lender such as Barclays , Chelsea Building Society or Aldermore then type in your location a common one being Port Isaac. Conveyancing firms in Port Isaac and nationally will then be listed.

I am employed by a busy estate agency in Port Isaac where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Port Isaac conveyancing solicitors. Could you clarify whether the vendor of a flat can commence 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 commence 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

I purchased a studio flat in Port Isaac, conveyancing was carried out 10 years ago. How much will my lease extension cost? Corresponding flats in Port Isaac with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 per annum. The lease ends on 21st October 2079

You have 54 years remaining on your lease the likely cost is going to span between £32,300 and £37,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.