I own a freehold residence in Canford Heath yet pay rent, why is this and what is this?
It is rare for properties in Canford Heath and has limited impact for conveyancing in Canford Heath 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 post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Are the BSA planning on creating a searchable register to to identify law firms on the Loughborough BS conveyancing panel for instance in Canford Heath?
We have not been informed any plans on the part of the BSA to develop such a tool.
I have been on the look out for a flat up to £305k and identified one round the corner in Canford Heath I like with amenity areas and railway links in the vicinity, however it only has 61 years on the lease. I can't really find anything else in Canford Heath in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Do you have any advice for leasehold conveyancing in Canford Heath with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Canford Heath can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. Some Canford Heath leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. Many landlords or Management Companies in Canford Heath charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Canford Heath. You believe that you know the number of years remaining on your lease but you should double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
Leasehold Conveyancing in Canford Heath - A selection of Queries before Purchasing
Does the lease have onerous restrictions? Who manages the block? Is anyone aware of any major works in the near future that could increase the service costs?
I am unfit to get to my Canford Heath conveyancing lawyers office to execute documents for conveyancing in Canford Heath – is this a problem?
You need not be concerned. Canford Heath conveyancing lawyers can deal with conveyancing transactions for clients who are based anywhere. It is not necessary for you to be able to be present a Canford Heath conveyancers office. They can undertake everything using post, email, telephone and fax.