I am the registered owner of a freehold residence in Monkseaton but still pay rent, why is this and what is this?
It’s unusual for properties in Monkseaton and has limited impact for conveyancing in Monkseaton 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 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 lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I acquired my home on 3 August and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Monkseaton said it will be formalised in a couple of weeks. Are properties in Monkseaton uniquely lengthy to register?
There is nothing unique about conveyancing in Monkseaton registration formalities. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether there are errors and if the Land registry must send notices to any third persons or bodies. At present roughly 80% of submission are completed within two weeks but some can be subject to extensive hold-ups. Registration occurs once the buyer has moved in to the property therefore 'speed' is not typically primary concern but if there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for an expedited registration.
I am buying my first flat in Monkseaton with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of additionals instead. The property agent advised me not inform my lawyer about the deal as it may impact my loan with Barnsley Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Monkseaton I like with open areas and transport links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Monkseaton in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could 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 speak to your conveyancing solicitor concerning this matter.
Do you have any advice for leasehold conveyancing in Monkseaton from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Monkseaton can be reduced where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved. The majority of landlords or managing agents in Monkseaton charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Monkseaton. A minority of Monkseaton leases require Licence to Assign from the landlord. If this applies to your lease, 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 will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
I purchased a split level flat in Monkseaton, conveyancing formalities finalised November 2012. Can you work out an approximate cost of a lease extension? Comparable flats in Monkseaton with over 90 years remaining are worth £255,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2093
With 73 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.