I purchased a freehold residence in Frenchay but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Frenchay and has limited impact for conveyancing in Frenchay 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 generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
What does a local search tell me regarding the house my wife and I buying in Frenchay?
Frenchay conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Xpress Legal The local search is essential in every Frenchay conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I am buying a new build house in Frenchay benefiting from help to buy. The sellers would not budge the price so I negotiated £7000 of extras instead. The property agent told me not to tell my lawyer about this side-deal as it will jeopardize my loan with Santander. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML 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 am looking for a ground for flat up to £245,000 and identified one round the corner in Frenchay I like with open areas and station nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Frenchay for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I am using a search engine for the term on line conveyancing in Frenchay it reveals many property lawyersin the vicinity. With so much choice what is the best way to find the suitable conveyancer for me?
The best method of choosing a suitable conveyancer is through a personal testimonial, so ask colleagues and relatives who have bought a property in Frenchay or the local estate agent or financial adviser. Costs for conveyancing in Frenchay differ, so it's sensible to request at least three quotes from different companies. Dont forget to clarify that the fees are fixed.
There are only Seventy years left on my lease in Frenchay. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the landlord. In some cases an enquiry agent would be helpful to carry out a search and to produce an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Frenchay.
Leasehold Conveyancing in Frenchay - Sample of Queries Prior to buying
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The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and even though a managing agent is often retained where the building is bigger than a house conversion, the managing agent is directed by the tenants. Can you inform me if there are any major works in the near future that could increase the service costs? What is the name of the managing agents?