I purchased a freehold residence in Bakewell yet pay rent, why is this and what is this?
It is rare for properties in Bakewell and has limited impact for conveyancing in Bakewell 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Have just purchased a probate house at auction in Bakewell. Conveyancing is required. What are my next steps?
Having legally committed yourself to purchase you must appoint a conveyancing solicitor soon as you are facing a tight a fixed date to complete the property. All auction property will ordinarily have a corresponding auction pack. This should include evidence of title and search results. Where you are dealing with leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You need to hand this to the conveyancer working for you at the earliest opportunity. Do make sure that you have funds organised to complete the transaction on the set completion date.
Can you help - my lawyer advises that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Bakewell?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Bakewell solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance 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 property lawyer 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 Bakewell postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Bakewell.
Should my solicitor be raising questions regarding flooding as part of the conveyancing in Bakewell.
Flooding is a growing risk for conveyancers dealing with homes in Bakewell. There are those who buy a house in Bakewell, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a various checks that may be initiated by the purchaser or by their conveyancers which will give them a better appreciation of the risks in Bakewell. The standard property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to find out if the property has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the seller, then a purchaser may commence a claim for damages as a result of such an misleading answer. A purchaser’s solicitors will also carry out an enviro report. This will higlight if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
It has been 4 months following my purchase conveyancing in Bakewell took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Bakewell I like with open areas and station nearby, however it only has 61 remaining years left on the lease. There is not much else in Bakewell for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they 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 lawyer regarding this.
My wife and I purchased a leasehold house in Bakewell. Conveyancing and Santander mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Bakewell who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Bakewell conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a 2 bed flat in Bakewell, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Bakewell with a long lease are worth £202,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2082
You have 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.