I am the registered owner of a freehold residence in Castleton but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Castleton and has limited impact for conveyancing in Castleton 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.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
It has been five months since my purchase conveyancing in Castleton concluded. I have checked the Land Registry website which shows that I paid £175,000 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 residence 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 Castleton differ for new build properties?
Most buyers of new build residence in Castleton contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because builders in Castleton typically acquire the site, 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 Castleton or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Castleton I like with open areas and station nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Castleton in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
How difficult is it to transfer to a new solicitor as I need to instruct one who is on the Leeds Building Society conveyancing panel. I was using a high street conveyancing solicitor in Castleton five minutes from me but the firm is not accepted by Leeds Building Society
It would be our pleasure to assist you find a conveyancing solicitor in Castleton on the Leeds Building Society panel. Please note that the law firms that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Castleton. Using search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Castleton.
Back In 2009, I bought a leasehold flat in Castleton. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Castleton who acted for me is not around. What should I do?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to instruct a Castleton conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Castleton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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Can you tell me if there are any major works on the horizon that could add a premium to the maintenance charges? The answer will be important as a) areas can result in problems for the block as the communal areas may start to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the running of the building you will wish to have full disclosure How many years remain on the lease?