Souldusing a Gloucestershire conveyancing lawyer make the legal process smoother?
Generally conveyancing solicitors in your area will enjoy excellent alliances with your local authority, which could help with the Gloucestershire conveyancing searches that your conveyancer will require on your transaction. It can only assist if they have existing rapport with the Local Land Registry Office your area Gloucestershire, other lawyers in the area and Gloucestershire Estate Agents.
I own a freehold property in Gloucestershire but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Gloucestershire and has limited impact for conveyancing in Gloucestershire 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 creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
2 months have elapsed following my purchase conveyancing in Gloucestershire concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Gloucestershire differ for new build properties?
Most buyers of new build or newly converted property in Gloucestershire contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because developers in Gloucestershire tend to acquire the land, 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 Gloucestershire or who has acted in the same development.
I decided to have a survey carried out on a house in Gloucestershire ahead of retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies may refuse to issue a mortgage on this type of home.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Gloucestershire. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Gloucestershire to see if the conveyancing will be more expensive.
Are there common deficiencies that you encounter in leases for Gloucestershire properties?
Leasehold conveyancing in Gloucestershire is not unique. Most leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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Insurance obligations Clauses dealing with recovering service charges for expenditure on the building or common parts.
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
Gloucestershire Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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Does the lease contain onerous restrictions? How much is the ground rent and service charge? Best to be warned if a new roof is being put on or some other major work is coming up to be shared between the tenants and will materially increase the the service charges or result in a specific payment.