I own a freehold premises in Felixstowe but nevertheless charged rent, why is this and what is this?
It is rare for properties in Felixstowe and has limited impact for conveyancing in Felixstowe 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 hundreds of years, 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 post 2037 is to be dispensed with completely.
I am buying a terraced house in Felixstowe. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Felixstowe you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Felixstowe.
Will our solicitor be asking questions about flooding during the conveyancing in Felixstowe.
Flooding is a growing risk for conveyancers carrying out conveyancing in Felixstowe. Some people will buy a house in Felixstowe, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a various searches that may be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Felixstowe. The standard completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to find out if the property has historically flooded. If the premises has been flooded in past and is not notified by the owner, then a buyer could commence a compensation claim as a result of such an misleading response. A purchaser’s lawyers should also carry out an environmental report. This should higlight whether there is any known flood risk. If so, additional inquiries will need to be made.
How does conveyancing in Felixstowe differ for new build properties?
Most buyers of new build residence in Felixstowe contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Felixstowe tend to purchase 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 conveyancers 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 used to new build conveyancing in Felixstowe or who has acted in the same development.
Last December I purchased a leasehold house in Felixstowe. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a split level flat in Felixstowe, conveyancing having been completed October 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Felixstowe with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2080
With only 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
What could I expect to pay for conveyancing in Felixstowe?
Almost all Felixstowe conveyancing practices will agree to a set fee. If further work becomes necessary during the conveyancing your lawyer must inform you in writing of any supplemental charges for any work immediately it becomes apparent. Some work on a no completion no fee offering, others will levy an bill for a proportion of the set fee, calculated based on the stage at which the deal fails.
We would recommend that you seek two or three firms to give you a quotation.