I purchased a freehold premises in Dorchester yet pay rent, why is this and what is this?
It’s unusual for properties in Dorchester and has limited impact for conveyancing in Dorchester 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 establishment of new 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 post 2037 is to be dispensed with completely.
I need some fast conveyancing in Dorchester as I have pressure to exchange contracts in less than one month. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
As you are are a cash buyer you are at liberty not to have searches carried out although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Dorchester the following are instances of issues that can arise and adversely impact future mortgageability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
I completed on my house on 13 October and my personal details is not yet registered. Should I be concerned? My conveyancing solicitor in Dorchester advises it would be concluded inside ten days. Are transfers in Dorchester uniquely lengthy to register?
There is nothing unique about conveyancing in Dorchester registration formalities. Rather than based on location, timescales can differ subject to who lodges the application, whether there are errors and if the Land registry have to notify any third parties. Currently roughly three quarters of such applications are fully addressed within two weeks but some can be subject to protracted delays. Historically registration takes place after the buyer has moved in to the property therefore registration formalities is not always top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
I have been on the look out for a flat up to £305k and found one near me in Dorchester I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Dorchester for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Is it simple use your search tool to locate a conveyancing solicitor in Dorchester on the approved list for my mortgage?
First pick a bank such as HSBC Bank, The Royal Bank of Scotland or Barclays Direct then type in your location for example Dorchester. Conveyancing firms in Dorchester and nationally should be identified.
I am due to assess estimates for conveyancing in Dorchester from numerous conveyancer and appoint one. Do I get them to sit tight until I I have my bid accepted on a house.
You should only request your conveyancing practitioner to start work and order searches once the sales confirmation has been issued by the selling agent particularly as Dorchester conveyancing searches are costly.