I am the registered owner of a freehold premises in Worplesdon but nevertheless pay rent, why is this and what is this?
It is rare for properties in Worplesdon and has limited impact for conveyancing in Worplesdon 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 creation 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 post 2037 will be dispensed with completely.
is it true that all Worplesdon solicitors on the Bank of Ireland conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
My wife and I have organised the release of further monies on our home loan from Aldermore as we wish to carry out improvements to our house in Worplesdon. Are we obliged to appoint a local Worplesdon solicitor on the Aldermore conveyancing panel to deal with the legals?
Aldermore don't usually appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore panel.
I currently have a mortgage with Kent Reliance for my property in Worplesdon. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Kent Reliance must be informed of your intention prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel firm.
Are there restrictive covenants that are commonly picked up during conveyancing in Worplesdon?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Worplesdon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Worplesdon differ for new build properties?
Most buyers of new build residence in Worplesdon contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Worplesdon usually acquire 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 Worplesdon or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Worplesdon is where the house is located. Is there any advice you can give?
Flying freeholds in Worplesdon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Worplesdon you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Worplesdon may decide 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 property.
I am attracted to a two flats in Worplesdon both have approximately forty five years remaining on the leases. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorates and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in Worplesdon - Examples of Queries before Purchasing
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It is important to be aware if a new roof is being put on or some other major work is due in the near future to be shared amongst the leaseholders and could well materially impact the level of the maintenance charges or necessitate a one off invoice. The prefered form of lease arrangement is where the freehold interest is owned by the leaseholders. In this situation the leaseholders have control and although a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent employed by the leaseholders. Are any of leasehold owners in arrears of their service charge liability?