Me and my partner are due to complete on the purchase of a house in Mundesley but as a consequence of wreckage from the recent storms I have was able negotiate recompense from the current proprietors in the sum of £3k taking the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process yet Virgin Money are not allowing this. Why were they notified?

Any conveyancer that is on the Virgin Money approved list is duty bound to inform Virgin Money of any amendments to the purchase price. If you were to refuse your conveyancing practitioner to disclose the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new property lawyer for your conveyancing in Mundesley.

I own a freehold premises in Mundesley but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Mundesley and has limited impact for conveyancing in Mundesley 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 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 after 2037 will be dispensed with completely.

How does conveyancing in Mundesley differ for new build properties?

Most buyers of new build property in Mundesley approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in Mundesley usually purchase the site, 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 used to new build conveyancing in Mundesley or who has acted in the same development.

Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Mundesley I like with a park and transport links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Mundesley in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected 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 can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.

I pay a service charge for my ground floor flat in Mundesley. As a result of personal circumstances I fell into arrears with remittance. The managing agents agreed a settlement plan but there remains in the region of £2000 outstanding as of today.

I now wish to sell and I am nervous that this may threaten to derail the sale if I have to discharge the amount due now. I'd like to sell up and subsequently discharge the debt from the completion monies - is this possible?

It would be wise to speak with the property lawyer undertaking your Mundesley conveyancing but it may be possible to arrange for the debt to be transferred to the purchasers. The sale price they pay would be adjusted to reflect the amount of debt they assume. They would then pay the outstanding monies post completion of the purchase.