I am the registered owner of a freehold premises in Bacup but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Bacup and has limited impact for conveyancing in Bacup 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 generation of fresh 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 after 2037 is to be dispensed with completely.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather use a high street conveyancing solicitor in Bacup?
Do check but the the probability is that appoint one of their panel lawyers where you take up the "fee-free" incentive. Contact the lender to explore if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Bacup.
3 months have gone by following my purchase conveyancing in Bacup took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 property 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.
How simple is it to change conveyancer as I need to find a firm on the Chelsea Building Society conveyancing panel. I had appointed a high street conveyancing solicitor in Bacup five minutes from me but he is not approved by Chelsea Building Society
It would be our pleasure to help you find a conveyancing solicitor in Bacup on the Chelsea Building Society panel. Please note that the conveyancers that we work with do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Bacup. In utilising the find a conveyancing solicitor tool on this website, you can contrast costs for conveyancing solicitors in Bacup and throughout England and Wales.
In surfing the world wide web for the words on line conveyancing in Bacup it shows results of numerous conveyancersin the area. How do I determine which is the right conveyancing solicitor for purchase transaction?
The ideal way of choosing a suitable conveyancer is via personal referral, so ask colleagues and relatives who have purchased a property in Bacup or the reputable estate agent or mortgage broker. Charges for conveyancing in Bacup vary, so it's a good idea to request a minimum of three fee calculations from varying types of law firms. Be sure to seek confirmation that the fees are fixed.
Last April I purchased a leasehold flat in Bacup. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Bacup Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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Does the lease have onerous restrictions? Most Bacup leasehold properties will have a service charge for maintenance of the building set by the landlord. Should you buy the property you will have to pay this charge, normally in instalments during the year. This can differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all probability there will be a ground rent for you to pay annual, ordinarily this is not a large amount, say about £50-£100 but you need to check as sometimes it could be many hundreds of pounds. How is the lease structured?