I am the registered owner of a freehold premises in Callerton yet charged rent, why is this and what is this?
It is rare for properties in Callerton and has limited impact for conveyancing in Callerton 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Callerton. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/11/2024, the requirements read as follows :
Various online forums that I have visited warn that are the primary cause of stalling in Callerton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Callerton.
4 months have gone by following my purchase conveyancing in Callerton took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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.
How does conveyancing in Callerton differ for new build properties?
Most buyers of new build residence in Callerton contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because developers in Callerton typically acquire the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Callerton or who has acted in the same development.
I am looking for a flat up to £305k and found one close by in Callerton I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Callerton suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.