I am the registered owner of a freehold residence in Lymington but nevertheless pay rent, why is this and what is this?
It is rare for properties in Lymington and has limited impact for conveyancing in Lymington 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 generation of new 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 in 2037 will be dispensed with completely.
I am due to move property in April. Does my conveyancing solicitor call the removal company on the completion day. As an aside, can you suggest a removal company in Lymington. Conveyancing lawyer was found prior to coming across your page.
On the day of completion you will need to pick up the house keys from your property agent but this can only occur when the previous owners lawyers inform the agent that they have the completion monies and the keys can be handed over. You will need to tell the removal men that they can start moving you in. As a matter of policy we do not recommend a specific removal organisation but can assist you in locating a conveyancing in Lymington or a firm that specialises in conveyancing in Lymington.
I'm the single beneficiary of my late grandmother’s will and I have everything in my name now, including the my former home in Lymington. The Lymington property was put into my name in December. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the house in December. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Some lenders would take a practical view as this clause chiefly exists to identify subsales or the quick reselling of property.
I have a mortgage with TSB for my property in Lymington. Conveyancing has been completed months ago. Should I wish 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 TSB?
You must advise TSB before renting your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB 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 TSB directly. You need not do this via a TSB conveyancing panel solicitor.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Lymington is the location of the property. What do you suggest?
Flying freeholds in Lymington are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lymington you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lymington may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I'm refinancing my existing house to a buy to let mortgage with Skipton Building Society and intend to use the remaining equity towards further house. The location we are talking about is Lymington. Will your lawyers be able to act for both sets of lenders and link together the conveyances?
Do use our comparison tool on this page to ensure that the lawyers are approved by both lenders. Assuming that they are your conveyancer will be able to connect the two deals but you should talk with you lawyer and communicate your expectations and needs.
I have recently realised that I have 72 years unexpired on my flat in Lymington. I now wish to extend my lease but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have made all reasonable attempts to find the lessor. In some cases a specialist would be helpful to conduct investigations and prepare an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the application to the County Court covering Lymington.
I am the registered owner of a leasehold flat in Lymington, conveyancing formalities finalised in 2005. 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 Lymington with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2076
With just 55 years left to run the likely cost is going to range between £31,400 and £36,200 as well as 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 in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
My mortgage broker has suggested using their conveyancer for the conveyancing in Lymington - Is it not simpler easier to just use them?
This is not necessarily the case and you are entitled to opt for whichever lawyer of your choosing for your Lymington home move. The conveyancing practitioner put forward by an estate agent may not necessarily be the best property lawyer, they may put forward their preferred conveyancing firm who are based remotely. In this instance you may not have contact with your property lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.