I purchased a freehold residence in Chesham but still charged rent, why is this and what is this?
It’s unusual for properties in Chesham and has limited impact for conveyancing in Chesham 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
A colleague pointed out to me me that in buying a property in Chesham there may be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of anumerous of properties in Chesham which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Chesham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am purchasing a property in Chesham. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality be concerned?
Given that you are obtaining a mortgage with Principality your lawyer must follow the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and lawyers are required to report to Principality where a lease fails to meet these requirements. The provisions relate to the installation of panels on properties nationwide and is not isolated to Chesham.
After shopping around on the internet I have found a Chesham solicitor having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Chesham postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Chesham.
It has been 3 months since my purchase conveyancing in Chesham took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 property 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.
Due to the input of my in-laws I had a survey completed on a house in Chesham ahead of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may not grant a loan on such a premises.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Chesham. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Chesham cover?
Chesham conveyancing for business premises incorporates a broad range of guidance, given by regulated solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Can you offer any advice when it comes to finding a Chesham conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Chesham conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Chesham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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Can they put you in touch with clients in Chesham who can give a testimonial?
Chesham Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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Where a Chesham lease has fewer than 80 years it will have adverse implications on the marketability of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably need a lease extension sooner rather than later and it is worth discovering what this would cost. For most Cheshamlease extensions you would need to own the residence for a couple of years before you are eligible to carry out a lease extension. It would be sensible to discover as much as you can regarding the managing agents as they can either make your living at the property much simpler or a lot more difficult. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the tidiness of the communal areas. Ask other people whether they are happy with them. On a final note, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending the funds. Be sure to enquire if there are any onerous restrictions in the lease. For example it is very common in Chesham leases that pets are not permitted in in a block in Chesham. If you like the apartmentin Chesham but your cat is not allowed to move with you then you will be presented with a hard determination.