I am the registered owner of a freehold premises in Freshwater Bay but still invoiced for rent, why is this and what is this?
It is rare for properties in Freshwater Bay and has limited impact for conveyancing in Freshwater Bay 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I am planning to acquire a house and need a conveyancing solicitor in Freshwater Bay who is on the Platform Home Loans Ltd solicitor. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Platform Home Loans Ltd in certain locations such as Freshwater Bay. We dont recommend any particular firm.
It has been 2 months since my purchase conveyancing in Freshwater Bay took place. I have checked the Land Registry site which shows that I paid £150,000 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 asset 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.
Just had an offer accepted on a new build apartment in Freshwater Bay. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Freshwater Bay
Please confirm the Lease plans are architect prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Freshwater Bay I like with amenity areas and station in the vicinity, however it's only got 61 remaining years left on the lease. There is not much else in Freshwater Bay for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the remaining unexpired lease term may be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I have just started marketing my ground floor flat in Freshwater Bay. Conveyancing has not commenced, however I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice as normal given that all rents and service invoices will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Freshwater Bay Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
It is important to be aware whether a new roof is being installed or some other significant cost is due shortly to be shared amongst the tenants and may well dramatically impact the level of the maintenance charges or result in a specific payment. Is there a share of the freehold? For many Freshwater Bay leaseholds the cost for major works are not included within maintenance charges, albeit that there some managing agents in Freshwater Bay require leasehold owners to contribute towards a reserve fund and this is used to offset against larger works.