I am the registered owner of a freehold premises in Rushden but still pay rent, why is this and what is this?
It’s unusual for properties in Rushden and has limited impact for conveyancing in Rushden 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 generation 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 dispensed with completely.
I happen to be the sole recipient of my late grandmother’s estate and I have everything in my name alone, including the house in Rushden. The Rushden property was put into my name in March. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in March. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Some mortgage companies would take a practical view as this obligation is primarily there to capture the purchase and immediately sell or the flipping of property.
I'm in the process of viewing flats in Rushden and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Nottingham.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are taking out a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Aldermore for my property in Rushden. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
You must advise Aldermore before renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
Are there restrictive covenants that are commonly picked up during conveyancing in Rushden?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Rushden. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Rushden differ for new build properties?
Most buyers of new build or newly converted property in Rushden approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Rushden usually buy the site, 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 Rushden or who has acted in the same development.
Do I need to be wary about brokers that I am dealing with are suggesting a web based conveyancing firm rather than a High Street Rushden conveyancing company?
As with many professional services, often recommendations from relatives can be worth their weight in gold. Yet there are many people with a vested interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all put forward solicitors to retain. On occasion these conveyancers might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the recommendation. You have the discretion to select your own conveyancer. Don't forget that most mortgage providers specify a panel list of law firms you have to use for the mortgage aspect of your transaction.
Back In 2001, I bought a leasehold flat in Rushden. Conveyancing and TSB mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Rushden who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Rushden conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Rushden - A selection of Questions you should consider Prior to Purchasing
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Is anyone aware of any major works in the near future that will increase the service charges? Who are the managing agents? Be sure to investigate if there are any onerous prohibitions in the lease. For instance it is very common in Rushden leases that pets are not allowed in certain buildings in Rushden. If you like the flatin Rushden yet your cat can’t make the move with you then you will be faced hard choice.