I purchased a freehold premises in South Croydon but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in South Croydon and has limited impact for conveyancing in South Croydon 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 creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Will our conveyancer be raising questions about flooding during the conveyancing in South Croydon.
Flooding is a growing risk for solicitors conducting conveyancing in South Croydon. There are those who buy a house in South Croydon, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in South Croydon. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine whether the property has suffered from flooding. If the residence has been flooded in past and is not notified by the owner, then a buyer could issue a compensation claim as a result of such an misleading answer. A purchaser’s lawyers will also carry out an enviro report. This will indicate whether there is any known flood risk. If so, additional investigations should be made.
Are there any apps to assist me to search for a South Croydon solicitor on the HSBC Bank conveyancing panel? I drive a motor bike and am prepared to travel upto 25miles to meet the conveyancer.
Feel free to make use of the search on this website. Please select a bank and your location and you will see a number of South Croydon conveyancing lawyers located nearest you. We have detailed some South Croydon conveyancing firms at the bottom of this page and you can ring them to check whether they are on the HSBC Bank panel
I need to find a conveyancing solicitor for sale conveyancing in South Croydon. I have chance upon a web site which seems to have the ideal solution If there is a chance to get all this stuff done via phone that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Last January I purchased a leasehold property in South Croydon. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the proprietor of a basement flat in South Croydon. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to determine the premium.
An example of a Freehold Enfranchisement case for a South Croydon premises is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case related to 6 flats. The unexpired residue of the current lease was 78.32 years.
How and when do I incur the Stamp Duty Land Tax due for my South Croydon flat purchase?
Your lawyer should complete a stamp duty return on your behalf as part of your South Croydon conveyancing transaction for signature. After completion your solicitor will submit the Land Transaction application to the Inland Revenue and - as long as they have the money - pay any Stamp Duty liability for you.