I am the registered owner of a freehold property in Bedford Hill but still charged rent, why is this and what is this?
It’s unusual for properties in Bedford Hill and has limited impact for conveyancing in Bedford Hill 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 generation of new 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 in 2037 is to be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Bedford Hill. I I would like to check whether they are accepted on the Skipton Building Society approved list of lawyers. Could you advise?
You should contact the conveyancer and enquire if they can act for the lender. Otherwise you should get in touch with Skipton Building Society who may be able to confirm.
My colleague suggested that if I am purchasing in Bedford Hill I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Bedford Hill conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Bedford Hill around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Bedford Hill.
Me and my brother have a terraced Georgian property in Bedford Hill. Conveyancing solicitor represented me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bedford Hill and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing lawyer who completed the work.
I'm buying my first flat in Bedford Hill with a mortgage from Barclays . The developers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about this deal as it may put at risk my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Bedford Hill I like with open areas and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Bedford Hill suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.