I purchased a freehold property in Cullompton yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Cullompton and has limited impact for conveyancing in Cullompton 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 new 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 is to be dispensed with completely.
How does conveyancing in Cullompton differ for new build properties?
Most buyers of new build or newly converted property in Cullompton approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Cullompton 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 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 used to new build conveyancing in Cullompton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Cullompton is where the house is located. What do you suggest?
Flying freeholds in Cullompton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cullompton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cullompton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I need to appoint a conveyancing solicitor for purchase conveyancing in Cullompton. I've stumble upon a site which looks to be the perfect answer If there is a chance to get all formalities done via web that would be preferable. Should I be wary? 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 am tempted by the attractive purchase price for a couple of apartments in Cullompton both have in the region of 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Cullompton. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorates and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
I am the registered owner of a basement flat in Cullompton, conveyancing formalities finalised in 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Cullompton with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2096
With just 70 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
My plan is to purchase a garden flat in Cullompton. Conveyancing solicitor is awaiting, from the owner, building insurance schedule. I was told today I was informed that the vendor needs to send the insurance paperwork for the flat above also. Why does my solicitor want to review the insurance for the flat above? Is it really required? We have been waiting for the last fortnight…
It is not unheard of in leasehold conveyancing in Cullompton to find Conveyancing in Cullompton in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats as opposed to the freeholder insuring the complete property - which is definitely preferable. You should check with your conveyancing practitioner but it would seem that your lawyer is attempting to establish that the whole building is insured. Insuring your flat is no help when it comes to rebuilding after a fire if the 1st floor cannot be rebuilt due to lack of insurance.