I am the registered owner of a freehold property in Bourne yet pay rent, why is this and what is this?
It is rare for properties in Bourne and has limited impact for conveyancing in Bourne 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 fresh 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 in 2037 is to be extinguished.
Our lender has suggested solicitors on their panel based in Bourne but I would rather instruct a conveyancing lawyer in Bourne or nearer to where I live. Can you help?
It is by no means the case that all Bourne conveyancing firms are on all banks conveyancing panel. Use our search tool to locate a Bourne conveyancing firm on the on the mortgage company panel.
Me and my partner are buying a property in Bourne. It might be a silly question but how we can trust a lawyer? On completion day we will need to put our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am assisting my niece sell her house in Bourne. Does the conveyancing solicitor arrange the energy performance certificate or do I organise this?
After the demise of Home Packs, EPC’s remained a required component of selling a house. An EPC needs to be commissioned prior to the property being advertised. This is not a task that lawyers normally organise. Where you are using a Bourne conveyancing lawyer they may be able to arrange energy assessments given their relationships with reputable local assessors
We previously appointed conveyancers based in Bourne on the Virgin Money solicitor panel. They have just invoiced me a separate amount for handling the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your lawyer is entitled to levy a fee for this. The charge is not dictated by Virgin Money but by your Bourne solicitor. Numerous firms on the Virgin Money panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
The estate agent has sent us the confirmation of our purchase of a new build flat in Bourne. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Bourne
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the guidance of my in-laws I had a survey completed on a house in Bourne prior to retaining solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some lenders tend not grant a loan on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bourne. Conveyancing may be slightly more expensive based on your lender's requirements.
I have just started marketing my basement apartment in Bourne. Conveyancing lawyers have not yet been instructed, but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as usual because all ground rent and maintenance payments will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a garden flat in Bourne, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Bourne with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2106
With 80 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.