I purchased a freehold premises in Billingham but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Billingham and has limited impact for conveyancing in Billingham 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 creation of new rentcharges from 1977 onwards.
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 dispensed with completely.
we are a couple who are buying a 2 bedroom flat in Billingham with a homeloan from Aldermore.We have a Billingham conveyancing practitioner but Aldermore informed us her practice is not on their approved list of member firms. It seems we are left with little choice but to instruct a Aldermore panel lawyer or keep our high street solicitor and fork out for a Aldermore panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its various provisions, a common one being that solicitors will be on the Aldermore approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Aldermore
Should our solicitor be asking questions regarding flooding as part of the conveyancing in Billingham.
Flooding is a growing risk for lawyers dealing with homes in Billingham. Plenty of people will purchase a property in Billingham, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a various searches that may be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Billingham. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine if the premises has ever been flooded. If flooding has previously occurred and is not notified by the vendor, then a buyer could issue a claim for damages resulting from an inaccurate response. A buyer’s conveyancers may also carry out an enviro search. This should indicate if there is any known flood risk. If so, more detailed inquiries should be carried out.
Me and my brother own a 4 bedroom Edwardian property in Billingham. Conveyancing lawyer represented me and The Mortgage Works. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Billingham and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who carried out the work.
My father has encouraged me to instruct his conveyancers in Billingham. Should I use them?
There are no two ways about it the best way to find a conveyancing lawyer is to have referrals from friends or family who have actually previously instructed the solicitor that you are considering.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Billingham. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Billingham ?
Most houses in Billingham are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Billingham so you should seriously consider shopping around for a Billingham conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First 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 obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I invested in buying a split level flat in Billingham, conveyancing formalities finalised August 2012. Can you work out an approximate cost of a lease extension? Similar properties in Billingham with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2079
With only 55 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.