I own a freehold residence in Carmel but still invoiced for rent, why is this and what is this?
It is rare for properties in Carmel and has limited impact for conveyancing in Carmel 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Have completed on a a semi-detached house in Carmel , how long should it take for the Land Registry to deal with the formalities evidencing my ownership? My Carmel conveyancing solicitor works at snail pace, so I want to be certain the post completion formalities are dealt with.
There is nothing unique about conveyancing in Carmel registration formalities. As opposed to being determined by geographic area, timeframes can vary depending on who lodges the application, whether it is in order and whether the Land registry communicate with any third persons or bodies. At present roughly three quarters of submission are fully addressed within two weeks but some can be subject to longer hold-ups. Registration takes place after the buyer is living at the property so an expedited registration is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your solicitor could contact the land registry and explain the circumstances.
How does conveyancing in Carmel differ for new build properties?
Most buyers of new build property in Carmel contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Carmel usually purchase the land, 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 property lawyers 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 Carmel or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Carmel I like with open areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Carmel for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
What does commercial conveyancing in Carmel cover?
Non domestic conveyancing in Carmel covers a wide array of services, offered by regulated solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My wife and I purchased a leasehold flat in Carmel. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Carmel who acted for me is not around. Do I pay?
The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Carmel conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Carmel Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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The majority of Carmel leasehold properties will incur a service charge for maintenance of the block levied on behalf of the freeholder. Where you buy the property you will have to meet this charge, normally periodically during the year. This may differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a rentcharge for you to pay yearly, this is usually not a exorbitant figure, say approximately £25-£75 but you should to check as occasionally it could be many hundreds of pounds. How much is the service charge and ground rent on the property? You will want to find out as much as possible concerning the company managing the building as they will either make your life much easier or a lot more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical issues like the cleanliness of the communal areas. Enquire of other people whether they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the relevant party and specifically what you get for your money.