I purchased a freehold residence in Addiscombe but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Addiscombe and has limited impact for conveyancing in Addiscombe 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 post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I am buying a terraced house in Addiscombe. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Addiscombe you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Addiscombe.
My aunt pointed out to me me that in buying a property in Addiscombe there may be various restrictions affecting the ability to carry out external changes to a property. Is this right?
There are a number of properties in Addiscombe which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Addiscombe should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is there a list of Co-operative panel conveyancers in Addiscombe on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings viewable online. If you are looking for a Addiscombe conveyancer on the Co-operative please use our facility.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Addiscombe bank branch on various occasions and was reassured it wasn't a problem and they will lend. My Addiscombe conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their published requirements. I simply don't know who is right.
Your property lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly identified during conveyancing in Addiscombe?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Addiscombe. 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…’
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Addiscombe I like with a park and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Addiscombe for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
There are a lot of houses in Addiscombe on private roads. My partner and I are purchasing one such house. What are the advantages and disadvantages of purchasing a house on a private road?
Addiscombe conveyancing practices will be familiar with conveyancing homeson private. Your conveyancing practitioner will review the title to find any rights or responsibilities. It is possible that there is a management company (wholly owned by residents) that proprietors make annual contributions for the upkeep of the road. If one exists, the road should be maintained and look nicer than publicly adopted.