I purchased a freehold property in Mersea Island yet charged rent, why is this and what is this?
It is rare for properties in Mersea Island and has limited impact for conveyancing in Mersea Island 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 establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I'm purchasing a new build house in Mersea Island with the aid of help to buy. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not inform my solicitor about the deal as it could affect my loan with National Westminster Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey carried out on a property in Mersea Island ahead of instructing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some banks tend refuse to issue a loan on such a house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mersea Island. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been advised by a number of selling agents in Mersea Island to locate a conveyancer on your site. Is there a financial incentive for Estate Agents to promote your lawyers over another?
We don’t offer any referral fee for directing people to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Estate agents have just been given the go-ahead to market my basement flat in Mersea Island. Conveyancing lawyers have not yet been instructed, however I have recently received a half-yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the maintenance contribution as normal given that all rents and maintenance invoices should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents 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. This will smooth the conveyancing process.
I invested in buying a 1 bedroom flat in Mersea Island, conveyancing formalities finalised in 2004. How much will my lease extension cost? Comparable flats in Mersea Island with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2086
With 60 years remaining on your lease the likely cost is going to be between £20,000 and £23,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
What are my options where I am dissatisfied with the conveyancer who handled our conveyancing in Mersea Island?
Occasionally the level of service you receive is not as you expect, and unfortunately sometimes things do go wrong. However there is recourse where you were not happy with your conveyancing in Mersea Island. This varies from trying to resolve matters directly with them, through to reporting a property lawyer to their governing body. If you remain aggrieved you may consider enlisting the help of the Legal Ombudsman.