I own a freehold property in Coningsby yet pay rent, why is this and what is this?
It’s unusual for properties in Coningsby and has limited impact for conveyancing in Coningsby 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 generation of fresh 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 in 2037 is to be dispensed with completely.
Is it necessary to pay for insurance to cover chancel repairs when acquiring a residence in Coningsby?
Unless a prior acquisition of the property completed after 12 October 2013 you can assume that conveyancing practitioners delivering conveyancing in Coningsby to remain recommending a chancel search and or insurance against a claim.
three months have gone by following my purchase conveyancing in Coningsby completed. I have checked the Land Registry website which shows that I paid £200,000 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 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Coningsby I like with amenity areas and railway links nearby, however it only has 61 years on the lease. I can't really find anything else in Coningsby for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I need to find a conveyancing solicitor for some conveyancing in Coningsby. I've discover a site which looks to be the perfect solution If it is possible to get all this stuff completed via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I’m about to sell my basement apartment in Coningsby. Conveyancing solicitors are to be appointed soon, however I have recently had a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as you normally would given that all ground rent and service charges should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Coningsby Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
-
Are there any major works anticipated that could add a premium to the maintenance fees? Most Coningsby leasehold properties will incur a service charge for the upkeep of the building invoiced by the landlord. Should you purchase the apartment you will have to meet this contribution, normally in instalments throughout the year. This can vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a rentcharge for you to pay annual, ordinarily this is not a significant sum, say about £25-£75 but you should to enquire as on occasion it could be many hundreds of pounds. The prefered form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this situation the lessees have being in charge if their destiny and notwithstanding that a managing agent is usually retained if the building is larger than a house conversion, the managing agent is directed by the tenants.