I purchased a freehold premises in Eastleigh yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Eastleigh and has limited impact for conveyancing in Eastleigh 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.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I just bought a property at auction in Eastleigh. Conveyancing is required. What happens now?
Given that you have now legally committed yourself to purchase you should retain a conveyancing solicitor soon as you are facing a tight a drop dead date to complete the purchase. An auction property will ordinarily have an associated legal set of papers. This will include most,if not all of the documents that your lawyer requires. In the case of leasehold property the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You must give this to the lawyer working for you at the earliest opportunity. Do make sure that you have funds in order to complete on the on the contractual date .
I happen to be the single recipient of my late mum's estate and I have everything in my name alone, including the house in Eastleigh. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the property in March. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Most mortgage companies would take a practical view as this clause primarily exists to capture the purchase and immediately sell or the flipping of property.
My offer was accepted on a property in Eastleigh on 8/3/2024, valuation was booked 2 days after, received a clean bill of health. Property lawyer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Aldermore and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Aldermore conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
I need some quick conveyancing in Eastleigh as I am faced with an ultimatum to sign on the dotted line in less than one month. A mortgage is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are not getting a home loan you are at free not to do searches although no conveyancer would suggest that you don't. With plenty of history conveyancing in Eastleigh the following are instances of issues that can be revealed and therefore affect future saleability: Enforcement Actions, Overdue Fees, Outstanding Grants, Road Schemes,...
I am buying a new build house in Eastleigh with a loan from Godiva Mortgages Ltd. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not to tell my lawyer about the side-deal as it would put at risk my mortgage with Godiva Mortgages Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a property in Eastleigh before appointing lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some banks tend not issue a loan on such a home.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Eastleigh. Conveyancing may be slightly more expensive based on your lender's requirements.
Back In 2009, I bought a leasehold flat in Eastleigh. Conveyancing and TSB mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Eastleigh who acted for me is not around. Any advice?
First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Eastleigh conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a 2 bed flat in Eastleigh, conveyancing having been completed July 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Eastleigh with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2079
With 55 years left to run the likely cost is going to be between £31,400 and £36,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.