I am need of leasehold conveyancing for an apartment in a relatively new development (6 years built) in Polegate. 95% of the flats are already sold. Is it strictly necessary to order local searches as part of conveyancing in Polegate?
You are taking a significant risk in not carrying out Polegate conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would seriously advise in the strongest possible terms that you have them. Where accelerating the process and driving down costs are top of your concerns you should consider with your lawyer about the options such as indemnity insurance available to you
I own a freehold residence in Polegate but still charged rent, why is this and what is this?
It is rare for properties in Polegate and has limited impact for conveyancing in Polegate 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 generation 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 post 2037 is to be dispensed with completely.
My relative advised me that where I am purchasing in Polegate I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Polegate conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Polegate around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Polegate Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning Polegate.
Having had my offer accepted I require leasehold conveyancing in Polegate. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Polegate - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a studio flat in Polegate, conveyancing having been completed in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Polegate with over 90 years remaining are worth £202,000. The ground rent is £60 charged once a year. The lease expires on 21st October 2078
You have 57 years unexpired we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
I need to assess costs for conveyancing in Polegate from numerous property lawyer and choose one. Should I get them to hold tight until I a suitable apartment to buy.
You should wait to get your property lawyer to commence work and order searches once the sales memorandum has been sent by the selling agent particularly as Polegate conveyancing searches are not cheap.