I am the registered owner of a freehold residence in Cullompton but nevertheless charged rent, why is this and what is this?
It is rare 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 have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
How does conveyancing in Cullompton differ for new build properties?
Most buyers of new build premises in Cullompton come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Cullompton tend to purchase the land, 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 property lawyers 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 Cullompton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Cullompton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Cullompton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cullompton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company 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 property.
I need to find a conveyancing solicitor for sale conveyancing in Cullompton. I happened to stumble across a web site which appears to be the perfect answer If there is a chance to get all this stuff done via email that would be preferable. 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 am looking at a couple of maisonettes in Cullompton both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Cullompton is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cullompton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a studio flat in Cullompton, conveyancing having been completed May 2009. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Cullompton with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2096
With 70 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
I am buying a ground floor apartment in Cullompton. Conveyancing lawyer has been waiting for, from the owner, building insurance schedule. Earlier today I was advised that the vendor must forward the insurance schedule for the flat above in addition. Why would my conveyancing practitioner want to check the insurance for the other flat? Is it really required? We have been waiting for the previous 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 tenant's to insure their individual flats as opposed to the freeholder insuring the whole property - which is clearly better. Do double check with your property lawyer but it would appear that your lawyer is attempting to verify that the entire building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated for lack of insurance cover.