I am only a couple days away from an exchange on a flat in Rhoose and my mum and dad have sent the 10% deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your solicitor is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold premises in Rhoose but nevertheless charged rent, why is this and what is this?
It is rare for properties in Rhoose and has limited impact for conveyancing in Rhoose 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I have been told that property searches are the main cause of delay in Rhoose conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Rhoose.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Rhoose. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Rhoose
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a flat up to £245,000 and identified one close by in Rhoose I like with amenity areas and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Rhoose in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Back In 2006, I bought a leasehold house in Rhoose. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Rhoose who acted for me is not around. What should I do?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Rhoose conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Rhoose Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
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What restrictions are contained in the Rhoose Lease? Who are the managing agents? How many of the leaseholders are in arrears for their maintenance charge payments?