I am the registered owner of a freehold premises in Kelsall but still charged rent, why is this and what is this?
It’s unusual for properties in Kelsall and has limited impact for conveyancing in Kelsall 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old 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 extinguished.
How does conveyancing in Kelsall differ for newly converted properties?
Most buyers of new build premises in Kelsall come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Kelsall usually 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 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 Kelsall or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and identified one near me in Kelsall I like with a park and station nearby, however it only has 52 years on the lease. There is not much else in Kelsall suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
In my capacity as executor for the will of my grandfather I am selling a property in Cardiff but live in Kelsall. My solicitor (who is 250 kilometers awayneeds me to sign a statutory declaration prior to completion. Could you suggest a conveyancing lawyer in Kelsall who can attest this legal document for me?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are Kelsall based
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Kelsall. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Kelsall are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Kelsall in which case you should be looking for a Kelsall conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
Kelsall Leasehold Conveyancing - A selection of Queries Prior to buying
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Please note if it is fewer than eighty years it will impact the value of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would need to own the residence for a couple of years before you are eligible to exercise a lease extension. Does the lease have onerous restrictions? How long is the Lease?
After what seems like an age I have had an offer on an flat in Kelsall agreed to, but there is a chain. The sellers have put an offer on a property, however it’s not yet tied up, and are looking at other flats in the pipeline. I have selected a nearby conveyancing solicitor in Kelsall. What should be my next step? When should I get the mortgage application with Bank of Ireland started with Bank of Ireland?
It is understandable to have apprehensions where there is an associated chain given your reluctance to incur expenses prematurely (home loan application is approx £1k, then survey, Kelsall conveyancing search fees, etc). The first course of action is to check that your property lawyer is on the Bank of Ireland approved list. Concerning the next stages this very much depends on the specifics of your case, desire for this property and on the state of the market. In a rising market some buyers will apply for a home loan with Bank of Ireland and pay for the valuation and only if it comes back ok would they ask their conveyancer to proceed with searches.