I purchased a freehold house in Boncath yet charged rent, why is this and what is this?
It’s unusual for properties in Boncath and has limited impact for conveyancing in Boncath 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 many centuries, but the Rent Charge Act 1977 barred the establishment 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 in 2037 will be dispensed with completely.
I am buying a new build apartment in Boncath. 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Boncath
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Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
How can the Landlord & Tenant Act 1954 impact my commercial premises in Boncath and how can your lawyers assist?
The particular law that you refer to affords security of tenure to business leaseholders, granting the legal entitlement to make a request to court for a new lease and continue in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Boncath is one of our numerous locations in which the firms we work with have offices
In scouring the internet for the phrase cheap conveyancing in Boncath it reveals many property lawyersin the area. How do I determine which is the suitable conveyancing solicitor for purchase transaction?
The preferential method of choosing the right conveyancer is through a personal recommendation, so seek the guidance of colleagues and relatives who have acquired a property in Boncath or a respected estate agent or financial adviser. Fees for conveyancing in Boncath vary, so it's advisable to obtain a minimum of four estimates from varying types of law firms. Make sure that you clarify that the costs are assured not to rise.
Back In 2007, I bought a leasehold flat in Boncath. Conveyancing and Skipton Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Boncath who acted for me is not around. What should I do?
First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Boncath conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Boncath Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Plenty Boncath leasehold properties will be liable to pay a service bill for maintenance of the block invoiced on behalf of the management company. If you acquire the apartment you will have to pay this contribution, usually in instalments accross the year. This could be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met yearly, ordinarily this is not a large amount, say approximately £25-£75 but you should to check it because on occasion it can be prohibitively expensive. How much is the annual service fee and ground rent? You should want to find out as much as you can about the company managing the block as they will either make living at the property much easier or uncomfortable. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to every day issues like the upkeep of the communal areas. You should not be afraid to ask prospective neighbours if they are happy with them. On a final note, be sure you know the dates that the service fees are due to the relevant party and specifically what you get for your money.
I have finally had an offer on an apartment in Boncath agreed to, the seller does nevertheless have a tied purchase. The vendors have put an offer on on an apartment, however it’s not yet tied up, and has viewings of other flats in the pipeline. I have selected a local conveyancing lawyer in Boncath. What do I do now? When should I get the mortgage application with Co-operative going with Co-operative?
It is understandable to have concerns where there is an associated chain given your reluctance to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Boncath conveyancing search charges, etc). The first course of action is to check that your property lawyer is on the Co-operative approved list. As to the subsequent phase this very much depends on the specifics of your case, desire for the property and on the state of the market. During a hot market the majority of home buyers will apply for the mortgage with Co-operative and arrange for the survey and only if it comes back ok would they ask their lawyer to move forward with searches.