I purchased a freehold premises in Chapeltown yet invoiced for rent, why is this and what is this?
It is rare for properties in Chapeltown and has limited impact for conveyancing in Chapeltown 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 creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Do I need to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Chapeltown so that I can pop in to their offices if necessary.
As opposed to 15 years ago, most mortgage companies no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to hand over ID documents and there are still manifest benefits to using a local ayer, in your situation a conveyancing solicitor in Chapeltown.
How does conveyancing in Chapeltown differ for new build properties?
Most buyers of new build or newly converted property in Chapeltown contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Chapeltown typically buy 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 conveyancers 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 Chapeltown or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Chapeltown I like with open areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Chapeltown suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Can you provide any top tips for leasehold conveyancing in Chapeltown with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Chapeltown can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. Some Chapeltown leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unsettled.
Chapeltown Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
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It is important to be aware if window replacement or some other major work is pending that will be shared amongst the leasehold owners and could well materially impact the level of the maintenance fees or require a one time payment. On the whole the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in Chapeltown obliged tenants to pay into a reserve fund created for the specific purpose of building a fund for major works. How much is the ground rent and service charge?
I am looking to buy a house and require a conveyancing solicitor in Chapeltown who is on the lender approved panel. Could you point me in the right direction as regards a Chapeltown solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who do conveyancing in Chapeltown. We dont recommend any particular firm.