I purchased a freehold property in Clacton On Sea but still charged rent, why is this and what is this?
It’s unusual for properties in Clacton On Sea and has limited impact for conveyancing in Clacton On Sea 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 from 1977 onwards.
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 extinguished.
We are due to move home in December. Will my conveyancing solicitor call the removal company on the completion day. Incidentally, can you put forward a removal company in Clacton On Sea. Conveyancing solicitor was found prior to coming across your site.
On the afternoon of completion you can collect the house keys from your property agent but this should only take place once the vendors lawyers advise the agent that they have the completion monies and the keys can be collected. Subsequently you should tell the removal company that they can start moving you in. As a matter of policy we do not suggest a specific removal company but can help you find a conveyancing in Clacton On Sea or a firm with expertise in conveyancing in Clacton On Sea.
The mortgage over my property is with UBS for my property in Clacton On Sea. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform UBS?
You must advise UBS in advance of renting your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. You need not do this via a UBS conveyancing panel lawyer.
The formalities of my remortgage has taken place for my property in Clacton On Sea. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I am looking for a flat up to £235,500 and identified one close by in Clacton On Sea I like with a park and station nearby, however it's only got 49 years unexpired on the lease. There is not much else in Clacton On Sea for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I wish to rent out my leasehold apartment in Clacton On Sea. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Clacton On Sea do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I own a leasehold flat in Clacton On Sea, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Clacton On Sea with an extended lease are worth £222,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2090
With 70 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
We are about to acquiring a flat in Clacton On Sea. Could the solicitor have our purchase price a secret from the likes of Nestoria. How can this be done?
HMLR are legally bound to note price paid data on the official title for residential properties nationwide including homes in Clacton On Sea. The register of ownership is a public document, so HM Land Registry would be breaking the law if they failed to allow access to the register.
In essence you can ask HM Land Registry to withhold the amount paid entry yet the response will be a No.