I am the registered owner of a freehold residence in Idle but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Idle and has limited impact for conveyancing in Idle 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Do I have to pop into the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Idle so that I can pop in to their offices if necessary.
As opposed to 15 years ago, almost all lenders no longer need their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to supply ID documents and there are still distinct advantages to using a locally based ayer, in your situation a conveyancing solicitor in Idle.
Should our solicitor be asking questions regarding flooding as part of the conveyancing in Idle.
Flooding is a growing risk for conveyancers conducting conveyancing in Idle. There are those who purchase a property in Idle, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a numerous checks that may be carried out by the purchaser or by their conveyancers which will give them a better appreciation of the risks in Idle. The conventional set of property information forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to discover whether the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser may issue a compensation claim as a result of such an misleading reply. The buyer’s lawyers may also conduct an environmental search. This should disclose if there is any known flood risk. If so, further investigations will need to be initiated.
I completed on my home on 8 March and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Idle advises it should be dealt with in a couple of weeks. Are titles in Idle particularly slow to register?
As far as conveyancing in Idle registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether there are errors and whether the Land registry have to notify any interested persons or bodies. Currently approximately 80% of submission are completed within two weeks but some can be subject to longer hold-ups. Historically registration is effected once the purchaser is living at the premises thus registration formalities is not always top priority but if it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
Am I best advised to instruct a Idle conveyancing practitioner who is local to the property I am hoping to buy? An old friend can deal with the conveyancing but they are based 400kilometers away.
The benefit of a local Idle conveyancing practice is that you can drop in to sign paperwork, present your ID and apply pressure on them where appropriate. They will also have local intelligence which is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were impressed that should trump using an unfamiliar Idle conveyancing lawyer solely due to them being Idle based.
I've recently bought a leasehold flat in Idle. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Idle Leasehold Conveyancing - Sample of Questions you should consider before buying
-
Where a Idle lease has less than eighty years it will affect the value of the property. Check with your bank that they are content with the length of the lease. A short lease means that you will probably require a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you will need to own the property for 24 months before you are entitled to extend the lease. How many years are left on the lease? The prefered form of lease structure is a share of the freehold. In this arrangement the tenants benefit from being in charge if their destiny and even though a managing agent is often employed where it is bigger than a house conversion, the managing agent retained by the leaseholders.