I own a freehold premises in Wellington but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Wellington and has limited impact for conveyancing in Wellington 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 establishment of fresh 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 after 2037 will be extinguished.
I am the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Wellington. The Wellington property was put into my name in October. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the house in October. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. many banks would take a sensible view as this provision is chiefly there to identify subsales or the wholesaling and assigning of property.
When it comes to lenders such as Co-operative, do Wellington lawyers face 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 application.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Wellington solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Wellington surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Wellington I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Wellington in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Is it best to appoint a Wellington conveyancing solicitor based in the location that I am hoping to buy? I have an old university friend who can handle the legal formalities however they are based over three hundred miles away.
The primary upside of using a local Wellington conveyancing firm is that you can attend the office to execute documents, deliver your ID and apply pressure on them where appropriate. Having local Wellington know how is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were content that should trump using an unfamiliar Wellington conveyancing solicitor solely due to them being round the corner.
In relation to leasehold conveyancing in Wellington what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Wellington. Most leases are unique and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the premises
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
Wellington Leasehold Conveyancing - Sample of Queries Prior to buying
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The best form of lease structure is a share of the freehold. In this arrangement the tenants enjoy control and notwithstanding that a managing agent is usually employed if it is larger than a house conversion, the managing agent is directed by the tenants. Can you inform me if there are any major works on the horizon that will increase the maintenance costs? What is the name of the managing agents?
When it comes to my conveyancing in Wellington should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Wellington conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.