I am the registered owner of a freehold premises in Sunningdale but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Sunningdale and has limited impact for conveyancing in Sunningdale 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 generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
How does conveyancing in Sunningdale differ for newly converted properties?
Most buyers of new build premises in Sunningdale approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because builders in Sunningdale usually purchase the land, 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 conveyancing solicitors 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 used to new build conveyancing in Sunningdale or who has acted in the same development.
I opted to have a survey completed on a property in Sunningdale before appointing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies will not give a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Sunningdale. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to choose a Sunningdale conveyancing practitioner in close proximity to the house I am hoping to buy? We have a good friend who can carry out the legal work however her office is over three hundred kilometers drive away.
The primary upside of using a local Sunningdale conveyancing practice is that you can pop in to sign paperwork, deliver your identification documents and apply pressure on them if necessary. Having local Sunningdale know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and they were content that should surpass using an unknown Sunningdale conveyancing lawyer solely due to them being Sunningdale based.
What are your top tips when it comes to finding a Sunningdale conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Sunningdale conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Sunningdale conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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How familiar is the practice with lease extension legislation? Can they put you in touch with clients in Sunningdale who can give a testimonial?
Sunningdale Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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The best form of lease arrangement is if the freehold title is owned by the leaseholders. In this scenario the leaseholders have control and notwithstanding that a managing agent is frequently retained if it is bigger than a house conversion, the managing agent employed by the leaseholders. Its a good idea to discover as much as you can regarding the company managing the block as they will either make living at the property much simpler or uncomfortable. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the communal areas. Ask other tenants if they are happy with their service. In conclusion, investigate as to the dates that the maintenance charges are due to the managing agents and precisely what it includes.
I’m about to sell my basement flat in Sunningdale.Conveyancing solicitors are to be appointed soon however I have recently received a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as usual because all ground rent and service invoices should be apportionedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies 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