I purchased a freehold residence in Needham Market but still pay rent, why is this and what is this?
It’s unusual for properties in Needham Market and has limited impact for conveyancing in Needham Market 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 from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I am assisting my mother sell her house in Needham Market. Will the conveyancer commission the EPC or do I organise this?
After the demise of Home Packs, energy assessments became a compulsory part of selling a property. An energy assessment needs to be commissioned prior to the property being marketed. This is not as aspect of the sale process that law firms ordinarily arrange. Where you are using a Needham Market conveyancing practitioner they might be able to arrange energy assessments given their contacts with long established local assessors
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Needham Market. Do I collect the keys to the premises on the completion date from my conveyancer? If so, I will instruct a High Street conveyancing solicitor in Needham Market?
On the day of completion you will not be required to go to the conveyancers office in Needham Market. Your solicitors will transfer the completion advance to the owner’s conveyancers, and once they have received this, you should be called to collect the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
My partner and I are spending time viewing flats in Needham Market and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a home loan with Santander.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are getting a mortgage with Santander, ask your prospective lawyers if they are on the Santander conveyancing panel otherwise they can't do the mortgage legal work.
We are downsizing from our home in Needham Market and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Needham Market lawyer would know that there is no such problem. For the life of me I don't know why the purchasers used a factory type conveyancing firm rather than a conveyancing solicitor in Needham Market. We have lived in Needham Market for 4 years we know of no issue. Should we get in touch with our local Authority to get confirmation need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
It has been 3 months since my purchase conveyancing in Needham Market completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 residence 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.
Do you have any top tips for leasehold conveyancing in Needham Market with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Needham Market can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers’ conveyancers. If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than ongoing. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Needham Market state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such alterations. If you fail to have the paperwork in place you should not communicate with the landlord without contacting your conveyancer first. Some Needham Market leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
Needham Market Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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What restrictions exist in the Needham Market Lease? Best to be warned if fixing the lift or some other significant cost is pending to be shared amongst the leaseholders and may well dramatically increase the the maintenance fees or result in a specific invoice. Be sure to enquire if the the lease contains any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Needham Market. If you love the apartmentin Needham Market yet your cat can’t live with you then you will be faced hard compromise.
We are looking to acquire a repression property in Needham Market and the bank selling would like to complete inside a week. Can a conveyancer complete in this timeframe? Would it be better to instruct a local Needham Market firm or an online firm that advertises to offer speedy conveyancing?
Attend your Needham Market high street. Pop in to a couple of firms and request to see a conveyancing solicitor for an estimate. Explain your situation and get assurances on speed. Select the firm that comes across as most genuine. Make sure to choose a conveyancer on the list of conveyancing practitioners approved by your lender.