I am purchasing a house mortgage free in Wotton under Edge. I have resided for the previous dozen years in Wotton under Edge. Conveyancing searches are expensive. Given that I know the area and road intimately must I have all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Wotton under Edge conveyancing searches are non-obligatory. Your solicitor will 'advise', no-doubt strongly, that you should have searches carried out, but she is duty bound to take that path of guidance. One thing to consider; if you are likely to sell the house one day, it will be of relevance to your prospective buyer what the searches disclose. Sometimes properties with no practical issues can still throw up unexpected search results. A competent conveyancing solicitor in Wotton under Edge will be able to give you some helpful advice here.
I purchased a freehold house in Wotton under Edge but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Wotton under Edge and has limited impact for conveyancing in Wotton under Edge 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 establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
We have agreed to purchase a house in Wotton under Edge. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
Given that your lender is Co-operative your lawyer must check the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Co-operative. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Co-operative where a lease does not satisfy these provisions. The requirements relate to the installation of panels on properties nationwide and is not limited to Wotton under Edge.
I am expecting a AIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Wotton under Edge solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Wotton under Edge solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
Coventry BS have agreed my home loan in principle, my bid on a apartment in Wotton under Edge has been agreed to, what happens next?
Your property agent will want to be informed of your lawyer's details (make sure the conveyancing practitioners are on the lender’s panel). Telephone Coventry BS or the financial adviser and finalise any relevant documentation. Coventry BS will sellect a valuer who will get in contact with the estate agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Coventry BS will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Wotton under Edge.
I require quick conveyancing in Wotton under Edge as I am under an ultimatum to sign on the dotted line within 2 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
As you are not obtaining a home loan you are at liberty not to have searches carried out although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Wotton under Edge the following are examples of issues that can arise and therefore affect market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
I have been on the look out for a flat up to £195,000 and identified one near me in Wotton under Edge I like with a park and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Wotton under Edge suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years 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 consult your conveyancing solicitor concerning this.
I am tempted by the attractive purchase price for a couple of flats in Wotton under Edge both have approximately fifty years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Wotton under Edge is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wotton under Edge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a basement flat in Wotton under Edge, conveyancing having been completed June 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Wotton under Edge with over 90 years remaining are worth £211,000. The ground rent is £45 per annum. The lease runs out on 21st October 2093
With just 67 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.