I purchased a freehold house in Wells but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Wells and has limited impact for conveyancing in Wells 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 fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
If you had a top tip for selecting a conveyancing solicitor in Wells what would it be?
We would encourage you not to go for the cheapest Wells conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Wells solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham 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. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Wells postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Wells.
I have finally had an offer on an apartment in Wells agreed to, but there is a chain. The sellers have put an offer on a property, however it’s not been accepted yet, and have viewings of other properties in the pipeline. I have instructed a high street conveyancing solicitor in Wells. What should be my next step? At what point should I apply for the mortgage with Principality?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then survey, Wells conveyancing search fees, etc). First, you must check that your conveyancing practitioner is on the Principality conveyancing panel. Regarding the subsequent phase this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a buoyant market some home buyers will apply for the mortgage with Principality and pay for the valuation and only if it comes back ok would they ask their solicitor to press on with searches.
A colleague recommended that if I am purchasing in Wells I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Wells conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Wells around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Wells Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Wells Education with maps and statistics, Local Amenities and other useful information about Wells.
How does conveyancing in Wells differ for new build properties?
Most buyers of new build or newly converted property in Wells approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Wells tend to 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 accustomed to new build conveyancing in Wells or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Wells is where the house is located. Is there any advice you can give?
Flying freeholds in Wells are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wells you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wells 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.
Would local authority consent be necessary to split a house into a couple of flats in Wells? This has occurred to a house next door to my home in Wells and was not aware of the conversion until after the works were done.
Planning permission is needed for converting a single dwelling in Wells into apartments but probably not for reverting once again to single dwelling-house so, simply put, yes.