I am the registered owner of a freehold residence in Withernsea but nevertheless charged rent, why is this and what is this?
It is rare for properties in Withernsea and has limited impact for conveyancing in Withernsea 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 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 in 2037 will be dispensed with completely.
It has been five months since my purchase conveyancing in Withernsea completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £305k and found one close by in Withernsea I like with amenity areas and railway links nearby, the downside is that it only has 61 years on the lease. There is not much else in Withernsea suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will likely be a potential deal breaker. Discount 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 a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
What are your top tips when it comes to finding a Withernsea conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Withernsea conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Withernsea conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
How experienced is the firm with lease extension legislation? What volume of lease extensions has the firm carried out in Withernsea in the last 12 months?
Withernsea Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
What is the length of the lease? What restrictions are contained in the Withernsea Lease? Many Withernsea leasehold apartments will be liable to pay a service charge for the upkeep of the building invoiced on behalf of the landlord. Should you acquire the flat you will have to meet this charge, normally periodically throughout the year. This can vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a rentcharge to be met yearly, this is usually not a large sum, say around £25-£75 but you need to enquire as on occasion it can be many hundreds of pounds.
What type of premises does your Withernsea conveyancing quotes relate to?
The quotes provided are only appropriate to standard residential homes in England & Wales. Where you have any different needs for instance industrial or agricultural land or commercial conveyancing in Withernsea you should contact us to address this further .