I purchased a freehold property in Seahouses yet charged rent, why is this and what is this?
It’s unusual for properties in Seahouses and has limited impact for conveyancing in Seahouses 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
What will a local search reveal concerning the property my wife and I purchasing in Seahouses?
Seahouses conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays an important part in many a Seahouses conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I'm buying a new build house in Seahouses with a loan from The Mortgage Works. The developers would not reduce the price so I negotiated £7000 of additionals instead. The estate agent told me not disclose to my conveyancer about this side-deal as it will adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Given that I will soon spend hundreds of thousands of pounds on a two bedroom apartment in Seahouses I would like to talk to a conveyancer concerning theconveyancing in advance of instructing the firm. Can this be arranged?
This is something that we encourage - we would be pleased to talk to you we do not take any clients on without you first talking to the conveyancer who will be carrying out your conveyancing in Seahouses.There is no ‘factory style conveyancing’ - every client is an important individual, not a case number. The solicitors that we put you in touch with believe that the fees you are provided with for your conveyancing in Seahouses should be the amount on the final invoice that you are charged.
Last February I purchased a leasehold property in Seahouses. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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 ensure 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).
I acquired a leasehold flat in Seahouses, conveyancing was carried out September 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Seahouses with a long lease are worth £197,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2080
With only 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
What type of premises does your Seahouses conveyancing quotes apply to?
Our conveyancing quotes are only relevant to standard domestic homes in England & Wales. Should you have any different requirements such as industrial or agricultural land or commercial conveyancing in Seahouses do telephone us to consider your requirements .