I purchased a freehold house in Aughton but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Aughton and has limited impact for conveyancing in Aughton 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
This question may be naive but I am new to the process as FTB of a garden flat in Aughton. Do I collect the keys to the property on completion from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Aughton?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be able to receive the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
We were going to get a OIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Aughton solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Aughton solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
The mortgage over my property is with Virgin Money for my property in Aughton. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
You must advise Virgin Money before letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
I am selling our home in Aughton and according to the buyers it appears that there is a risk of it being built on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used a national conveyancing practice rather than a conveyancing solicitor in Aughton. Having lived in Aughton for six years we know that this is a non issue. Is it a good idea to contact our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Aughton I like with open areas and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Aughton in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
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 request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am using a search engine for the words cheap conveyancing in Aughton it reveals many solicitorslocally. With so much choice what is the best way to find the suitable solicitor for me?
The preferential method of choosing a suitable conveyancer is through a trusted testimonial, so seek the guidance of colleagues and those you trust who have bought a property in Aughton or a reputable estate agent or financial adviser. Fees for conveyancing in Aughton vary, so it's sensible to secure a minimum of three estimates from different solicitors. Dont forget to clarify what costs in the quote includes.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Aughton. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Aughton ?
The majority of houses in Aughton are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Aughton so you should seriously consider shopping around for a Aughton conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will report to you on the legal implications.
I invested in buying a split level flat in Aughton, conveyancing having been completed in 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Aughton with over 90 years remaining are worth £206,000. The ground rent is £45 per annum. The lease runs out on 21st October 2091
With only 67 years remaining on your lease the likely cost is going to range between £10,500 and £12,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.