I own a freehold property in Billericay yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Billericay and has limited impact for conveyancing in Billericay 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 fresh rentcharges from 1977 onwards.
Old 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 extinguished.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Billericay. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/7/2021, the requirements read as follows :
How does conveyancing in Billericay differ for new build properties?
Most buyers of new build property in Billericay approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Billericay typically acquire 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 Billericay or who has acted in the same development.
In what way does the Landlord & Tenant Act 1954 impact my business offices in Billericay and how can your lawyers assist?
The particular law that you refer to provides protection to commercial lessees, giving them the right to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Billericay is one of our hundreds of locations in which our lawyers have offices
I've recently bought a leasehold house in Billericay. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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).
I purchased a garden flat in Billericay, conveyancing having been completed November 2008. Can you work out an approximate cost of a lease extension? Corresponding flats in Billericay with an extended lease are worth £180,000. The ground rent is £65 invoiced annually. The lease runs out on 21st October 2080
You have 59 years remaining on your lease the likely cost is going to range between £20,900 and £24,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
We are considering using an online conveyancer ahead of a Billericay conveyancing firm. Any advice?
Advantages do exist in being able to attend a local Billericay conveyancing solicitor such as
- signing documents same day
- often being able to see someone face-to-face can make a significant difference, particularly for more complex conveyancing
- the ability to raise concerns if things are not going as expected
When comparing quotes, look carefully for hidden extras. Most decent Billericay high street solicitors give an all-inclusive price. Many online agents seem to offer discounted prices, but have hidden 'extras' in the small print.