I am need of leasehold conveyancing for a flat in a relatively new development (seven years built) in Hungerford. The vast majority the properties have already been sold. Do I need carry out the neighbourhood searches for my conveyancing in Hungerford?
If you are acquiring a property with the assistance of a loan, your lender will insist on some (many) of the searches so you'll have no choice. If not, then Hungerford conveyancing searches are optional. No doubt your conveyancer, will ’encourage’, perhaps in the strongest possible terms, that you should not go ahead without searches, but he or she is duty bound in this regard. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you insist that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to swap to an alternative solicitor for your conveyancing in Hungerford.
I own a freehold residence in Hungerford but still pay rent, why is this and what is this?
It’s unusual for properties in Hungerford and has limited impact for conveyancing in Hungerford 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I just acquired a property at auction in Hungerford. Conveyancing is required. What happens now?
Given that you are now exchanged you now have to retain a conveyancing solicitor soon as you are faced with a pending a drop dead date to complete the property. All auction property should have a corresponding auction set of papers. This will include evidence of title and search results. If you have purchased leasehold premises the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to give this to the conveyancer instructed by you as soon as possible. You also need to ensure that you have funds organised to complete on the date specified in the contract.
My lawyer has informed me that lack of right of way insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Hungerford?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Chelsea Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I am currently in the process of buying my council flat in Hungerford. I have a mortgage offer with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
4 months have elapsed since my purchase conveyancing in Hungerford took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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 asset 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.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Hungerford I like with a park and railway links nearby, however it only has 49 remaining years left on the lease. There is not much else in Hungerford for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
New build sellers have suggested I use a conveyancing practitioner and I've sought a quote from them. They are almost £400 cheaper than my preferred Hungerford property lawyer. What's the catch?
Developers often have panels of conveyancing practitioners who expedite matters and who know the developer’s contract and conveyancing practitioner. Plenty of developers offer an incentive to use their approved conveyancing practitioner for this reason, any increased fees can be avoided and a developer will not put forward a conveyancing factory and run the risk of having the transaction stall when they require an exchange within a tight time frame. The argument for not opting for the suggested property lawyer is that they may be unwilling to 'push' your interests for fear of upsetting the developer. If you worry that this may be the case you should remain with your local Hungerford property lawyer.