I own a freehold house in Bournemouth but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Bournemouth and has limited impact for conveyancing in Bournemouth 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 post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
What is the optimum way to investigate if the solicitor carrying out my conveyancing in Bournemouth is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Virgin Money thus spending £175.00 in additional legal fees.
Feel free to make use of the find a conveyancing panel solicitor tool on this site. Pick the mortgage company and type ‘Bournemouth’ or your preferred area and you will discover numerous conveyancers offices in Bournemouth or by proximity to you.
I'm buying a new build house in Bournemouth with the aid of help to buy. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The house builders rep told me not to tell my conveyancer about the deal as it would put at risk my loan with Barclays . 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 UK Finance website. UK Finance 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've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Bournemouth is the location of the property. Is there any advice you can give?
Flying freeholds in Bournemouth are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bournemouth you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bournemouth may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am thinking of appointing a conveyancing lawyer in Bournemouth for my house move. Is there any facility to see a solicitor's record with the legal regulator?
You can read published Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The SRA may monitor call for training requirements.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Bournemouth. Conveyancing has not commenced, but I have recently received a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal given that all ground rent and maintenance charges will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies 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 ground floor flat in Bournemouth, conveyancing formalities finalised March 2008. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Bournemouth with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2092
You have 66 years left to run we estimate the price of your lease extension to span between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered 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.