I own a freehold house in Walsingham but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Walsingham and has limited impact for conveyancing in Walsingham 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 establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
How does conveyancing in Walsingham differ for new build properties?
Most buyers of new build property in Walsingham come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because builders in Walsingham tend to purchase 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 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 Walsingham or who has acted in the same development.
I was recommended by a number of property agents in Walsingham to find a conveyancer on your site. What’s the financial inducement for Estate Agents to promote your services ahead of alternative conveyancing organisations?
We don’t make any referral fee for sending work our way. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am one month into a leasehold purchase having been directed to solicitors by the selling agent to carry out the conveyancing in Walsingham. I am not happy. Can you you assist me in finding new lawyers?
A lawyer would need to be really poor to suggest changing them. Has the mortgage offer been issued? If so you need to inform them of the new contact details and ensure the mortgage documents are re-issued. Your solicitor ideally needs to be on the banks panel to avoid escalating costs and frustration. So that should be your starting point. Our find a solicitor tool will help you find a bank approved lawyer for your conveyancing in Walsingham
I’m about to sell my garden apartment in Walsingham. Conveyancing has not commenced, but I have recently received a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as normal given that all rents and service charges will be apportioned as 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
Walsingham Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
What is the the remaining lease term? Many Walsingham leasehold flats will have a service charge for maintenance of the building levied on behalf of the landlord. Where you acquire the flat you will have to meet this charge, normally in instalments throughout the year. This could differ from a few hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge for you to pay annual, this is usually not a significant figure, say about £50-£100 but you should to enquire it because sometimes it could be many hundreds of pounds. It is important to be aware if changing the roof or some other major work is anticipated to be shared between the tenants and may well dramatically impact the level of the maintenance charges or result in a specific invoice.
Should local authority consent be needed to change a house into a couple of appartments in Walsingham? This has occurred to a house adjacent to a friend in Walsingham and was ignorant of the conversion until after the works were done.
Planning Permission yes. Building Regulations yes.