I purchased a freehold property in Charmouth but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Charmouth and has limited impact for conveyancing in Charmouth 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Do I need to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Charmouth so that I can attend their offices if necessary.
As opposed to twenty years ago, the vast majority mortgage companies no longer need their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide identification documents and there are still manifest advantages to using a locally based practitioner, in your situation a conveyancing solicitor in Charmouth.
We are getting the release of further monies on our home loan from Principality as we wish to carry out alterations to our property in Charmouth. Do we need to appoint a nearby Charmouth solicitor on the Principality conveyancing panel to deal with the legals?
Principality don't usually appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality conveyancing panel.
I recently had an offer accepted on a house in Charmouth. My mortgage broker suggested a solicitor. I paid an advanced payment of £175. Soon after, the solicitor contacted me embarrassingly acknowledging that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Planning on purchasing a maisonette in Charmouth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Charmouth conveyancer is on the Bank of Ireland conveyancing panel.
The deeds to our home are lost. The lawyers who handled the conveyancing in Charmouth 10 years ago are no longer around. What do I do?
You no longer need to have the physical deeds to evidence that you are the owner of your registered land or property, as the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Charmouth differ for new build properties?
Most buyers of new build residence in Charmouth approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Charmouth typically buy the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Charmouth or who has acted in the same development.
I am a negotiator for a reputable estate agent office in Charmouth where we have witnessed a few leasehold sales derailed due to short leases. I have received conflicting advice from local Charmouth conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a 1 bedroom flat in Charmouth, conveyancing formalities finalised in 2010. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Charmouth with an extended lease are worth £202,000. The ground rent is £60 invoiced annually. The lease ceases on 21st October 2080
With just 57 years remaining on your lease we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.