I own a freehold property in Limehouse but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Limehouse and has limited impact for conveyancing in Limehouse 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 creation of new 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 post 2037 will be extinguished.
I have been advised by my conveyancer that missing deeds insurance is needed on my purchase. What is the level of cover for Limehouse conveyancing?
The right level of missing deeds indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
Can I be sure that the Limehouse conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Limehouse seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer conducting your conveyancing.
The formalities of my purchase has taken place for my property in Limehouse. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
How does conveyancing in Limehouse differ for newly converted properties?
Most buyers of new build residence in Limehouse contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Limehouse usually buy 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 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 Limehouse or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Limehouse is where the house is located. Is there any guidance you can impart?
Flying freeholds in Limehouse are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Limehouse you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Limehouse may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking into buying my first house which is in Limehouse and I am already nervous. I couldn't find anything specific about Limehouse. Conveyancing will be needed in due course but do you know about the Limehouse area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Limehouse. In the meantime here are some basic statistics that we found
I am attracted to a couple of flats in Limehouse which have in the region of forty five years unexpired on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area.
My wife and I have hit a brick wall in trying to purchase the freehold in Limehouse. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Limehouse conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Limehouse premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.