My fiancee and I are acquiring our first house. The solicitor has messagedto enquire if we would like to purchase supplemental conveyancing searches. As novices we are clueless as to what's necessary for conveyancing in Chalk Farm
The range of Chalk Farm conveyancing searches depends primarily on the property, the location, the possibility of any of these risks, your familiarity of the locality and risks, your general appetite to risk. What matters is that you properly comprehend what information each search could provide. You may then make a decision if you consider that you need that information. Where you are uncertain, ask the lawyer to advise.
I am the registered owner of a freehold premises in Chalk Farm but nevertheless pay rent, why is this and what is this?
It is rare for properties in Chalk Farm and has limited impact for conveyancing in Chalk Farm 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
It has been three months following my purchase conveyancing in Chalk Farm completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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.
I am buying a new build apartment in Chalk Farm. Conveyancing is daunting 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 is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Chalk Farm
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Chalk Farm. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Chalk Farm are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Chalk Farm in which case you should be looking for a Chalk Farm conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chalk Farm. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a Chalk Farm conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Chalk Farm property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The unexpired term as at the valuation date was 64.77 years.
How much should conveyancing in Chalk Farm cost?
Almost all Chalk Farm conveyancing solicitors will charge a fixed fee. If additional work arise during the conveyancing your conveyancer should inform you in writing of any further fees for such work immediately it becomes obvious. Some work on a no sale no cost basis, others will levy an bill for a percentage of the set fee, calculated based on the stage at which the conveyancing does not proceed.
It is advisable to obtain a few firms to supply you a quotation.