I own a freehold premises in Wincanton yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Wincanton and has limited impact for conveyancing in Wincanton 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old 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.
Is it necessary to take out insurance to cover chancel repairs when purchasing a residence in Wincanton?
Unless a previous acquisition of the premises took place after 12 October 2013 you may expect lawyers handling conveyancing in Wincanton to remain encouraging a chancel search and or chancel repair liability policy.
Just bought a terraced house in Wincanton , how long will it take for the Land Registry to register my ownership? My Wincanton conveyancing solicitor has been painfully slow, so I want to be certain that my purchase is recorded.
There is nothing unique when it comes to conveyancing in Wincanton registration formalities. Rather than based on location, timescales can adjust according to who lodges the application, whether it is in order and if the Land registry need to notify any interested persons or bodies. Currently roughly three quarters of submission are fully addressed within two weeks but occasionally there can be extensive delays. Historically registration takes place once the purchaser has moved in to the premises therefore an expedited registration is not always top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Wincanton and how can you help?
The 1954 Act gives a safeguard to commercial leaseholders, granting the right to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and assist with commercial conveyancing in Wincanton
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Wincanton. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Wincanton are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Wincanton in which case you should be shopping around for a Wincanton conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.
I acquired a leasehold flat in Wincanton, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent properties in Wincanton with a long lease are worth £192,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2079
With only 54 years remaining on your lease we estimate the price of your lease extension to span between £32,300 and £37,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
My partner and I intend to buy our 1st property in Wincanton. Conveyancing solicitor already chosen. The financial consultant pointed out that a survey is not appropriate as the property was only constructed 16 yrs ago.
The bare minimum you need a Home Buyer's Report. Given the property was constructed more than a decade ago the property will not come with a warranty, so you don't want to take a risk. For a property that age with no signs of defects a Home Buyer's report may be enough. They will highlight any obvious problems and recommend additional investigation where relevant. If there are any signs of problems seek a comprehensive Building Survey from the beginning.