I own a freehold house in Southsea but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Southsea and has limited impact for conveyancing in Southsea 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
When it comes to mortgage companies such as Virgin Money, do Southsea lawyers have to pay an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I am purchasing a property in Southsea. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Barclays be concerned?
As your lender is Barclays your lawyer must follow the conveyancing requirements contained in Section 2 of UK Finance Lenders’ Handbook for Barclays. The CML Handbook contains minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Barclays where a lease does not comply with these conditions. The conditions relate to the installation of panels on properties nationwide and is not restricted to Southsea.
I recently had an offer agreed on an apartment in Southsea. My financial adviser recommended their conveyancers. I paid an on account payment of £200. Not long after, the conveyancing practitioner called me to say that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
five months have gone by following my purchase conveyancing in Southsea took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Southsea I like with open areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Southsea in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
How do I use the search app to locate a conveyancing solicitor in Southsea on the approved list for my lender?
First pick a mortgage company such as Accord Mortgages Ltd, Barnsley Building Society or Barclays Direct then specify your location a common one being Southsea. Conveyancing practices in Southsea and across England and Wales should be listed.
I work for a busy estate agency in Southsea where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Southsea conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Southsea - A selection of Questions you should ask Prior to Purchasing
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How much is the yearly service fee and ground rent? Best to be warned if a new roof is being put on or some other significant cost is anticipated that will be shared by the leasehold owners and will dramatically increase the the service fees or necessitate a specific payment.