I purchased a freehold premises in Pitsea yet charged rent, why is this and what is this?
It is rare for properties in Pitsea and has limited impact for conveyancing in Pitsea 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
What can a local search reveal about the house I am buying in Pitsea?
Pitsea conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for example Onsearch The local search plays an important role in many a Pitsea conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Me and my brother purchased a renovated Georgian house in Pitsea. Conveyancing practitioner represented me and National Westminster Bank. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pitsea and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing solicitor who conducted the purchase.
I'm buying my first flat in Pitsea benefiting from help to buy. The sellers refused to budge the amount so I negotiated 6k of additionals instead. The property agent told me not reveal to my lawyer about this side-deal as it could jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
My husband and I are first time buyers - had an offer accepted, but the agent has warned us that the vendor will only issue a contract if we use their recommended solicitors as they need an ‘expedited deal’. We would rather use a high street solicitor used to conveyancing in Pitsea
It is improbable the owners are driving this. Should the owner want ‘a quick sale', alienating a motivated buyer is counter productive. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to appoint your preferred Pitsea conveyancing firm - not the ones that will earn their negotiator at the agency a kickback or meet his conveyancing figures pre-set by senior management.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Pitsea. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Pitsea ?
Most houses in Pitsea are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Pitsea so you should seriously consider looking for a Pitsea conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.
I purchased a 1st floor flat in Pitsea, conveyancing formalities finalised June 1999. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Pitsea with over 90 years remaining are worth £191,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2079
With just 54 years unexpired the likely cost is going to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.