I am the registered owner of a freehold residence in Plympton but nevertheless pay rent, why is this and what is this?
It is rare for properties in Plympton and has limited impact for conveyancing in Plympton 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 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 after 2037 will be extinguished.
I opted to have a survey carried out on a property in Plympton ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies may not give a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Plympton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Plympton to see if the conveyancing will be more expensive.
I have been advised by a number of selling agents in Plympton to select a solicitor using your seach tool. What’s the financial upside for Estate Agents to market your site over another?
We don’t make any referral fee for directing people our way. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My step-father has recommend that I use his conveyancing solicitors in Plympton. Do I take his advice?
No doubt it’s preferable to select a conveyancing lawyer is to seek referrals from friends or family who have experience in using the solicitor that you are are thinking of instructing.
I've recently bought a leasehold property in Plympton. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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 be sure 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).
Leasehold Conveyancing in Plympton - Sample of Questions you should ask Prior to Purchasing
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It is important to be aware whether a new roof is being installed or some other major work is due in the foreseeable future that will be shared between the tenants and will dramatically impact the level of the maintenance costs or require a specific payment. It would be prudent to discover as much as you can regarding the managing agents as they will either make living at the property much easier or a lot more difficult. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to every day matters such as the cleanliness of the common parts. Don't be shy to ask other tenants if they are happy with their service. In conclusion, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically how they are spending the funds. Many Plympton leasehold apartments will incur a service charge for the upkeep of the block set by the management company. Where you buy the apartment you will have to pay this amount, normally in instalments throughout the year. This can vary from a few hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay yearly, this is usually not a significant sum, say approximately £25-£75 but you should to check as on occasion it can be prohibitively expensive.
We are in the process of buying a property in Plympton. Can the solicitor have the amount we are are buying for private from sites such as Rightmove. How could this be achieved ?
HMLR as a matter of law bound to reveal price paid information on the official title for residential properties nationwide including premises in Plympton. The register of ownership is an open document, so the Land Registry would be breaching their statutory duty if they did not allow access to the register.
In essence you can ask the Land Registry to hide the amount paid data but the answer will be a No.