I am the registered owner of a freehold property in Wallasey but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Wallasey and has limited impact for conveyancing in Wallasey 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 creation of fresh rentcharges from 1977 onwards.

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.

How does conveyancing in Wallasey differ for newly converted properties?

Most buyers of new build property in Wallasey contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Wallasey tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wallasey or who has acted in the same development.

I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Wallasey I like with open areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Wallasey for this price, so just wondered if I would be making a grave error acquiring a short lease?

If you require a home loan that many years may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.

Wallasey Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

What prohibitions are there in the Wallasey Lease? You will want to discover as much as possible concerning the company managing the building as they will either make life much simpler or much more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the communal areas. Ask other tenants what they think of their service. Finally, find out the dates that the service fees are due to the managing agents and precisely how they are spending the funds. It is important to be aware whether window replacement or some other significant cost is anticipated to be shared amongst the leaseholders and may well dramatically increase the the service fees or result in a one off invoice.

Would local authority consent be needed to convert a house into two flats in Wallasey? This has been done to a house opposite to my house in Wallasey and was not aware of it happening until after the works were done.

Planning consent is needed for converting a single dwelling in Wallasey into flats but probably not for reverting back to single dwelling-house so, in answer to your question, yes,a it is needed.