I purchased a freehold house in Silsoe yet pay rent, why is this and what is this?
It is rare for properties in Silsoe and has limited impact for conveyancing in Silsoe 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
It has been 2 months following my purchase conveyancing in Silsoe completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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.
I am looking for a flat up to £235,500 and identified one close by in Silsoe I like with amenity areas and transport links in the vicinity, however it's only got 61 years on the lease. There is not much else in Silsoe suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign 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 about this.
I'm refinancing my existing home to a BTL mortgage with Skipton Building Society and I will use the ballance of the raised equity towards another house. The neighborhood we are interested in is Silsoe. Will your lawyers be able to act for both sets of lenders and link together the two deals?
Make use of our search tool on this page to be sure that the solicitors are on the appropriate lender panels. Having checked that they are the lawyer should be able to tie up the two conveyancing matters but you should talk with you lawyer and specify your desired outcome and requirements.
My father has encouraged me to appoint his conveyancing solicitors in Silsoe. Should I find my own conveyancer?
There are no two ways about it it’s preferable to find a conveyancing solicitor is to have referrals from friends or relatives who have actually experience in using the firm you're contemplating using.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Silsoe. Conveyancing solicitors are to be appointed soon, but I have just had a half-yearly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice as you normally would given that all ground rent and service charges should be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until 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.
Silsoe Leasehold Conveyancing - Examples of Queries before buying
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How long is the Lease? The majority of Silsoe leasehold flats will have a service bill for the upkeep of the building levied on behalf of the freeholder. Where you acquire the property you will have to meet this amount, usually in instalments throughout the year. This could be anything from two or three hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, this is usually not a large figure, say around £25-£75 but you need to check as occasionally it can be prohibitively expensive. It would be prudent to find out as much as possible concerning the company managing the block as they will either make your life much easier or a lot more difficult. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the tidiness of the common parts. Enquire of other people whether they are happy with them. In conclusion, be sure you discover the dates that the service charges are due to the managing agents and specifically how they are spending the funds.