I am the registered owner of a freehold premises in Horsham but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Horsham and has limited impact for conveyancing in Horsham 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 post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
My bank has suggested solicitors on their panel based in Horsham but I would rather instruct a conveyancing lawyer in Horsham round the corner to me. Are you able to help?
The minority of Horsham conveyancing practices are approved and listed on all lender’s conveyancing panel. Do make the most of the above search tool to locate a Horsham conveyancing firm on the on the mortgage company panel.
I understand that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when buying a property in Horsham? or Apparently there is historic law that means some house owners living in a parish church boundary may be liable to contribute towards maintenance to the chancel within the church. Is this appropriate for conveyancing in Horsham?
Unless a prior acquisition of the house took place post 12 October 2013 you can assume that conveyancing practitioners conducting conveyancing in Horsham to continue to recommend a chancel search and or insurance against a claim.
How does conveyancing in Horsham differ for new build properties?
Most buyers of new build residence in Horsham contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Horsham usually acquire 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 property lawyers 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 Horsham or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Horsham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Horsham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Horsham you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Horsham 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 property.
I dont have enough spare funds to pay a 10% deposit on my apartment purchase in Horsham , but I still want to proceed. What can I do?
You can agree a lower deposit. Many vendors will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second