I am the registered owner of a freehold house in Finchampstead yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Finchampstead and has limited impact for conveyancing in Finchampstead 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.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We are purchasing a house in Finchampstead. I might seem paranoid but how we can trust a lawyer? At some point we will need to put our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am buying a property in Finchampstead. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
Given that you are obtaining a mortgage with Nationwide your lawyer must follow the formal instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Nationwide. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Nationwide where a lease does not satisfy these requirements. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Finchampstead.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Finchampstead building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Finchampstead conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their specific requirements. I have no idea who is right.
Your conveyancer has to follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Finchampstead differ for newly converted properties?
Most buyers of new build or newly converted property in Finchampstead come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Finchampstead usually acquire the land, 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 Finchampstead or who has acted in the same development.
Is there anything unique about your site and alternative internet conveyancing solicitors when it comes to conveyancing in Finchampstead?
At this site obtain a conveyancing quote via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Finchampstead. As opposed to estate agents and brokerage sites we do not operate kick-back arrangements with solicitors. Some agents and online brokers 'recommend' solicitors paying the highest per referral, not the best value conveyancing in Finchampstead
Having checked my lease I have discovered that there are only 68 years left on my flat in Finchampstead. I now wish to get lease extension but my freeholder is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent may be useful to conduct investigations and to produce an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the application to the County Court covering Finchampstead.
Finchampstead Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
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How long is the Lease? Plenty Finchampstead leasehold flats will have a service bill for maintenance of the block invoiced by the landlord. Should you purchase the apartment you will have to pay this liability, normally quarterly throughout the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent for you to pay yearly, ordinarily this is not a significant amount, say approximately £50-£100 but you need to check as occasionally it could be surprisingly expensive. Are any of leasehold owners in arrears of their service charge liability?
Me and my wife are soon to exchange on the purchase a house in Finchampstead but as a consequence of wreckage from the recent storms I have agreed compensation from the current proprietors of £3k taking the form of a reduction in the price. This was going to be addressed as part of the conveyancing process however my bank will not agree to this. Why were they notified?
The conveyancing practitioner that is on a mortgage company conveyancing panel is duty bound to advise the lender of any changes to the sale figure. If you were to refuse your property lawyer to disclose the reduction to your bank then they would have to discontinue representing you and the mortgage company.