I purchased a freehold residence in Great Sankey yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Great Sankey and has limited impact for conveyancing in Great Sankey 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 have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new 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 in 2037 is to be dispensed with completely.
Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for example in Great Sankey?
Lexsure has not been advised of any intention on the part of the BSA to promote such a register.
We are purchasing a property and the solicitor has mentioned Chancel Repair to which the property may be obligated to contribute to given it’s proximity to the area of such a church. She has recommended insurance. Is this really required for conveyancing in Great Sankey
Unless a prior purchase of the house completed after 12 October 2013 you could take it that lawyers handling conveyancing in Great Sankey to continue to recommend a chancel search and or chancel repair liability insurance.
I am looking for a leasehold apartment up to £305k and identified one close by in Great Sankey I like with a park and station in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Great Sankey in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Estate agents have just been given the go-ahead to market my ground floor flat in Great Sankey. Conveyancing is yet to be initiated, however I have recently had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual because all ground rent and service payments will be allotted 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 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.
Great Sankey Leasehold Conveyancing - A selection of Questions you should consider before buying
Are any of leasehold owners in dispute over their service charge liability? This question is important as a) areas could result in problems in the building as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to know about it The prefered form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders benefit from being in charge if their destiny and even though a managing agent is often retained if the building is bigger than a house conversion, the managing agent is directed by the tenants.