I am the registered owner of a freehold premises in Southmead but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Southmead and has limited impact for conveyancing in Southmead 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 fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
We're in Southmead, First timers purchasing with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Southmead differ for new build properties?
Most buyers of new build or newly converted property in Southmead contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Southmead usually buy 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 used to new build conveyancing in Southmead or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Southmead I like with a park and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Southmead for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the shortness of the lease will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
What makes your site different to other internet conveyancing solicitors for conveyancing in Southmead?
At this site get an accurate quote via a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Southmead. Unlike many estate agents and many comparison sites we are not in the business of charging firms a fee if you instruct them for your home move in Southmead
We are about to acquiring a home in Southmead. Could our lawyer keep the amount we are are buying for a secret from sites such as Nestoria. How can this be done?
HM Land Registry as a matter of law obliged to reveal price sold data on a register of the title for residential properties countrywide including properties in Southmead. The register of ownership is an open document, so the Land Registry would be breaching their statutory duty excluded certain homes such as your property in Southmead.
In essence you can make a request of HM Land Registry to hide the price paid entry yet the answer will be in the negative.