I purchased a freehold residence in Chesham but nevertheless pay rent, why is this and what is this?
It is rare for properties in Chesham and has limited impact for conveyancing in Chesham 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 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 in 2037 is to be extinguished.
three months have elapsed following my purchase conveyancing in Chesham completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 Chesham differ for new build properties?
Most buyers of new build property in Chesham contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because builders in Chesham usually purchase the real estate, 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 used to new build conveyancing in Chesham or who has acted in the same development.
Am I better off to go with a Chesham conveyancing solicitor who is local to the property I am buying? An old friend can perform the legal work however his firm is located a couple of hundredmiles drive away.
The primary upside of using a high street Chesham conveyancing firm is that you can pop in to sign paperwork, deliver your identification documents and pester them if necessary. Having local Chesham know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and the majority were content that should trump using an unknown Chesham conveyancing solicitor just because they are local.
What are the frequently found problems that you encounter in leases for Chesham properties?
Leasehold conveyancing in Chesham is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations Service charge per centages that don't add up correctly leaving a shortfall
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Skipton Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I am the registered owner of a garden flat in Chesham, conveyancing was carried out half a dozen years ago. 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? Similar flats in Chesham with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease comes to an end on 21st October 2083
With 58 years left to run the likely cost is going to span between £21,900 and £25,200 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
The conveyancers handling our conveyancing in Chesham has sent documents to review that indicate that the land is unregistered with epitome documents. Surely all properties in Chesham are registered?
It is rare for property in Chesham not to be registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Chesham conveyancing lawyers will be able to handle such matters but where uncertainty prevails the prevailing guidance these days is for the seller to register the title first and subsequently deal with the transfer to the buyer - this no doubt result in a significant delay.