I purchased a freehold premises in Newcastle under Lyme but still invoiced for rent, why is this and what is this?
It is rare for properties in Newcastle under Lyme and has limited impact for conveyancing in Newcastle under Lyme 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 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 will be extinguished.
The Newcastle under Lyme conveyancing solicitors that I appointed last week on my purchase in Newcastle under Lyme have suddenly closed. They were on acting for me because I had to have a firm on the Nationwide conveyancing panel and my family Newcastle under Lyme lawyer was not. I paid them money in advance. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nationwide conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a residence in Newcastle under Lyme? or Apparently there is an ancient law that means some owners of property living in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Newcastle under Lyme?
Unless a prior acquisition of the premises completed after 12 October 2013 you could assume that conveyancing practitioners carrying out conveyancing in Newcastle under Lyme to remain encouraging a chancel search and or chancel repair liability policy.
3 months have elapsed since my purchase conveyancing in Newcastle under Lyme completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Newcastle under Lyme I like with amenity areas and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Newcastle under Lyme suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
What does commercial conveyancing in Newcastle under Lyme cover?
Newcastle under Lyme conveyancing for business premises covers a wide array of services, offered by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.