I own a freehold house in Godalming yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Godalming and has limited impact for conveyancing in Godalming 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 new 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 in 2037 is to be extinguished.
My bid for a property was accepted at auction in Godalming. Conveyancing is required. What happens now?
Having legally committed yourself to purchase you will need to find a conveyancing lawyer soon as you are facing a fast approaching a drop dead date to complete the transaction. All auction property will have a bespoke auction set of papers. This will include most,if not all of the paperwork that your conveyancer requires. Where you are dealing with leasehold property the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You need to hand this to the lawyer instructed by you at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
We had instructed conveyancers locally in Godalming on the Kent Reliance solicitor panel. They have just billed me a separate amount for the legal aspects of the Kent Reliance mortgage. Is this an additional conveyancing fee set by Kent Reliance?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner can charge a fee for this. This fee is not set by Kent Reliance but by your Godalming property lawyer. Numerous firms on the Kent Reliance panel will quote an ‘acting for lender’ fee and others do not.
We have agreed to purchase a house in Godalming. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
As your lender is Yorkshire BS your lawyer must check the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Yorkshire BS. The CML Handbook includes minimum specifications for solar panel roof-space leases, and solicitors are required to report to Yorkshire BS where a lease fails to comply with these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Godalming.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Godalming is where the house is located. What do you suggest?
Flying freeholds in Godalming are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Godalming you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Godalming may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In searching the web for the term conveyancing in Godalming it reveals many solicitorsin the area. With so much choice what is the best way to find the suitable solicitor for purchase transaction?
The ideal method of finding a suitable conveyancer is via trusted testimonial, so ask friends and relatives who have acquired a property in Godalming or a respected estate agent or mortgage broker. Charges for conveyancing in Godalming vary, so it's advisable to secure at least four fee calculations from varying types of conveyancers. Be sure to secure confirmation that the fees are fixed.
I have recently realised that I have Sixty One years unexpired on my lease in Godalming. I now wish to get lease extension but my landlord is absent. What options are available to me?
If 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 mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the landlord. For most situations a specialist should be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Godalming.
I bought a 1 bedroom flat in Godalming, conveyancing formalities finalised half a dozen years ago. 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? Comparable flats in Godalming with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2077
With only 52 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
What is the reason for new build conveyancing in Godalming being more expensive?
Buying a new build home is completely distinct from the normal house buying conveyancing in Godalming. Firstly sellers normally need contracts to exchange within a tight deadline, the result being a a great deal of pressure on your property lawyer to ensure all is in order. In addition new build premises frequently necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank requirements are also more demanding. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.