I am the registered owner of a freehold premises in Ely but still charged rent, why is this and what is this?
It’s unusual for properties in Ely and has limited impact for conveyancing in Ely 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 post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am buying a semi-detached house in Ely. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Ely you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ely.
Will my solicitor be raising enquiries regarding flooding as part of the conveyancing in Ely.
Flooding is a growing risk for solicitors dealing with homes in Ely. Some people will purchase a house in Ely, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Ely. The standard property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to determine if the property has historically flooded. If the premises has been flooded in past and is not revealed by the vendor, then a buyer may issue a claim for damages as a result of such an misleading response. A purchaser’s lawyers may also commission an environmental search. This will reveal whether there is a recorded flood risk. If so, additional inquiries will need to be made.
five months have elapsed following my purchase conveyancing in Ely took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Ely is the location of the property. What do you suggest?
Flying freeholds in Ely are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ely 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 Ely may decide 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £475,000 garden flat in Ely on Wednesday in a week. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Ely?
Ely conveyancing on leasehold maisonettes more often than not requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to do so. They are entitled to charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
I invested in buying a garden flat in Ely, conveyancing having been completed 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Ely with over 90 years remaining are worth £170,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2103
With only 78 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other 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 without first seeking the advice of a professional.