I am the registered owner of a freehold property in East Coker but still pay rent, why is this and what is this?
It’s unusual for properties in East Coker and has limited impact for conveyancing in East Coker 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Me and my brother have a semi-detached Georgian property in East Coker. Conveyancing practitioner represented me and Birmingham Midshires. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold with the exact same address. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register as there may be 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 East Coker and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in East Coker differ for new build properties?
Most buyers of new build premises in East Coker come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in East Coker usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in East Coker or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one near me in East Coker I like with amenity areas and transport links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in East Coker in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
In my capacity as executor for the estate of my grandfather I am selling a house in Monmouth but I am based in East Coker. My conveyancer (based 250 kilometers awayneeds me to sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing solicitor in East Coker to attest and place their company stamp on the document?
strictly speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are East Coker based
My wife and I about to complete on the purchase a house in East Coker but as a consequence of damage from the recent storms I have agreed compensation from the owner of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but the lender will not permit this. Why were they approached?
Your solicitor listed on a bank conveyancing panel is duty bound to disclose to the bank of any changes to the purchase price. In the event that you prohibit your lawyer to disclose the reduction to your lender then they would have to discontinue acting for you and the bank.