I purchased a freehold premises in Gillingham but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Gillingham and has limited impact for conveyancing in Gillingham 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
My bid for a property was accepted at auction in Gillingham. Conveyancing is required. What is next?
Having for in every practical sense signed on the dotted line you now have to choose a conveyancing solicitor quickly as you now have a pending a fixed date to complete the conveyancing. Every auction property will ordinarily have an associated legal pack. This will include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold premises the auction pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You must give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are in order to complete the transaction on the set completion date.
I recently had an offer agreed on an apartment in Gillingham. My financial adviser suggested a property lawyer. I paid an upfront payment of £150. A couple of days later, the lawyer called me to say that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am selling my flat. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, RBS are being problematic. The Gillingham solicitor who is on the RBS conveyancing panel is saying indemnity insurance will be fine but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Me and my brother have a semi-detached Edwardian property in Gillingham. Conveyancing lawyer acted for me and Britannia. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching address. Is it worth asking Britannia to clarify?
You should assess the Freehold register you have again and check the Charges Register for 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 Gillingham and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Gillingham differ for new build properties?
Most buyers of new build or newly converted property in Gillingham contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Gillingham tend to acquire the site, 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 accustomed to new build conveyancing in Gillingham or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Gillingham I like with amenity areas and railway links in the vicinity, however it only has 49 years on the lease. There is not much else in Gillingham in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. 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 at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am tempted by the attractive purchase price for a two flats in Gillingham both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
I invested in buying a garden flat in Gillingham, conveyancing formalities finalised 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Gillingham with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease ends on 21st October 2084
With only 58 years unexpired we estimate the price of your lease extension to be between £22,800 and £26,400 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.