I own a freehold house in Shepton Mallet but nevertheless invoiced for 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 date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Should commercial conveyancing searches reveal planned roadworks that could impact a commercial site in Shepton Mallet?
Many commercial conveyancing solicitors in Shepton Mallet will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Shepton Mallet. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Shepton Mallet.
For each commercial conveyancing transaction in Shepton Mallet it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Shepton Mallet commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Shepton Mallet.
How does conveyancing in Shepton Mallet differ for newly converted properties?
Most buyers of new build or newly converted property in Shepton Mallet come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Shepton Mallet typically purchase 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 property lawyers 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 Shepton Mallet or who has acted in the same development.
What makes your site different to other web based conveyancing solicitors when it comes to conveyancing in Shepton Mallet?
At this site get a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that appreciates the nuances of your conveyancing in Shepton Mallet. As opposed to estate agents and brokerage sites we are not in the business of charging firms a commission if you instruct them for your conveyancing in Shepton Mallet
Can you provide any top tips for leasehold conveyancing in Shepton Mallet with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Shepton Mallet can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved. If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a new share certificate can be a lengthy process and slows down many a Shepton Mallet home move. Where a duplicate share is needed, you should approach the company officers or managing agents (where applicable) for this as soon as possible. A minority of Shepton Mallet leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 lawyers.
I purchased a 2 bed flat in Shepton Mallet, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Shepton Mallet with an extended lease are worth £192,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2079
With only 54 years unexpired the likely cost is going to be between £32,300 and £37,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
How do I establish who is the owner of a property in Shepton Mallet?
Provided the premises is recorded at HM Land Registry, and you have sufficient specifics of the address of the property, you should be able to see results from the HM Land Registry of the recorded owner for a fee.