I am the registered owner of a freehold house in Shepton Mallet but still pay rent, why is this and what is this?
It is rare for properties in Shepton Mallet and has limited impact for conveyancing in Shepton Mallet 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 redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
We are intent on selling our property in Shepton Mallet and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Shepton Mallet lawyer would know that there is no such problem. It does beg the question why the purchasers instructed a nationwide conveyancing practice rather than a conveyancing solicitor in Shepton Mallet. We have lived in Shepton Mallet for 5 years we know of no issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I have todaybecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Shepton Mallet for a purchase of a leasehold apartment 12 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Shepton Mallet conveyancing specialists.
How does conveyancing in Shepton Mallet differ for new build properties?
Most buyers of new build residence in Shepton Mallet approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because builders in Shepton Mallet usually acquire 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 conveyancing solicitors 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 Shepton Mallet or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Shepton Mallet is where the house is located. What do you suggest?
Flying freeholds in Shepton Mallet are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shepton Mallet you would need to get your solicitor to go 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 Shepton Mallet may ascertain 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 residence.
Can you provide any advice for leasehold conveyancing in Shepton Mallet from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Shepton Mallet can be avoided where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers. You may think that you are aware of the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. Many freeholders or Management Companies in Shepton Mallet charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Shepton Mallet. A minority of Shepton Mallet leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
I own a 1 bedroom flat in Shepton Mallet, conveyancing was carried out May 1997. How much will my lease extension cost? Similar flats in Shepton Mallet with a long lease are worth £192,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2079
You have 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.