I purchased a freehold property in Newbiggin By The Sea yet charged rent, why is this and what is this?
It is rare for properties in Newbiggin By The Sea and has limited impact for conveyancing in Newbiggin By The Sea 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.
Previous rentcharges can now be extinguished 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 refinancing my house in Newbiggin By The Sea, does my lawyer have to be on the Skipton Solicitor panel?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am assisting my aunt sell her flat in Newbiggin By The Sea. Does the solicitor commission the energy performance certificate or do I organise this?
After the demise of Home Information Packs, energy performance certificates became a mandatory element of moving house. An energy performance certificate needs to be to hand in advance of the property being placed on the market. It is not as aspect of the sale process that lawyers normally arrange. If you are instructing a Newbiggin By The Sea conveyancing practitioner they may help arrange EPC’s due to their contacts with reputable Newbiggin By The Sea assessors
I can not fathom if my mortgage offer requires a lease extension. I have telephoned my Newbiggin By The Sea bank branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Newbiggin By The Sea conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancer must follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have finally had an offer on an apartment in Newbiggin By The Sea accepted, but there is a chain. The owners have offered on somewhere, however it’s not yet tied up, and have viewings of other properties in the pipeline. I have selected a high street conveyancing solicitor in Newbiggin By The Sea. What should be my next step? When do I get the mortgage application with RBS started?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of £1k, then survey, Newbiggin By The Sea conveyancing search fees, etc). The first thing to do is check that your conveyancing practitioner is on the RBS approved list. Regarding the subsequent phase this very much dictated by the specifics of your case, attraction to this property and on the state of the market. In a rising market the majority of buyers would apply for the mortgage with RBS and pay for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
It has been four months following my purchase conveyancing in Newbiggin By The Sea concluded. I have checked the Land Registry site which shows that I paid £200,000 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 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.
I have been on the look out for a flat up to £305k and found one close by in Newbiggin By The Sea I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Newbiggin By The Sea in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Looking forward to exchange soon on a garden flat in Newbiggin By The Sea. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Newbiggin By The Sea should include some of the following:
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You should receive a copy of the lease specifics of the parties to the lease, e.g. these could be the tennant, superior lessor, freeholder Rent payments - how much and what the invoice dates are, and also know whether this is subject to change It needs to be made clear to you whether the lease allows you to alter or upgrade anything in the property- you must be made aware as to whether any restrictions applies to all alterations or just structural alteration, and whether permission is required
Newbiggin By The Sea Leasehold Conveyancing - Examples of Questions you should consider before buying
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How much is the ground rent and service charge? The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and even though a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. Are any of leasehold owners in dispute over their service charge liability?