I am the registered owner of a freehold house in Wolverton yet charged rent, why is this and what is this?
It’s unusual for properties in Wolverton and has limited impact for conveyancing in Wolverton 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 establishment of new 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 in 2037 is to be extinguished.
I have been told that property searches are a common cause of delay in Wolverton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Wolverton.
three months have gone by following my purchase conveyancing in Wolverton completed. I have checked the Land Registry site which shows that I paid £150,000 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 premises 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.
How does conveyancing in Wolverton differ for new build properties?
Most buyers of new build premises in Wolverton contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Wolverton typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wolverton or who has acted in the same development.
We're FTB’s - had an offer accepted, yet the property agent told us that the owners will only go ahead if we use the agent's preferred conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local solicitor used to conveyancing in Wolverton
It is highly unlikely the owners are driving this. Should the vendor want ‘a quick sale', turning down a serious purchaser is counter productive. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you are going to instruct your own,trusted Wolverton conveyancing solicitors - rather thanthe ones that will earn the estate agent a commission or hit his conveyancing figures set by corporate headquarters.
I've recently bought a leasehold house in Wolverton. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Wolverton - A selection of Queries before buying
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How is the lease structured? For most Wolverton leaseholds the outlay for major works are not wrapped into the service charges, although there some managing agents in Wolverton require leasehold owners to contribute towards a reserve fund and this is used to offset against major works. How many of the leaseholders are in arrears for their maintenance charge payments?