I am the registered owner of a freehold house in Ivybridge yet charged rent, why is this and what is this?
It’s unusual for properties in Ivybridge and has limited impact for conveyancing in Ivybridge 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 creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Forgive me if this question is silly but I am unseasoned as a first time buyer of a ground floor flat in Ivybridge. Do I collect the keys to the property on the completion date from my solicitor? If so, I will find a local conveyancing solicitor in Ivybridge?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you will be able to receive the keys from the Estate Agents and start moving into the property. Usually this occurs early afternoon.
Two weeks ago we had a mortgage agreed in principle with Santander. Ivybridge conveyancing solicitors were instructed. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander conducted the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I'm at the point of viewing houses in Ivybridge and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Kent Reliance.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are seeking a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
Should our conveyancer be raising questions about flooding during the conveyancing in Ivybridge.
Flooding is a growing risk for conveyancers carrying out conveyancing in Ivybridge. Plenty of people will purchase a house in Ivybridge, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Ivybridge. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to discover whether the premises has suffered from flooding. In the event that the premises has been flooded in past which is not notified by the owner, then a purchaser could bring a compensation claim as a result of such an inaccurate reply. A buyer’s solicitors will also order an environmental search. This will indicate if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
I used Stirling Law a few years ago for my conveyancing in Ivybridge. I now require my file however the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Ivybridge of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Ivybridge I like with amenity areas and transport links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Ivybridge for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Having had my offer accepted I require leasehold conveyancing in Ivybridge. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Ivybridge - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Ivybridge - A selection of Queries Prior to Purchasing
-
What is the annual service fee and ground rent? Make sure you find out if there are any onerous restrictions in the lease. By way of example it is reasonably common in Ivybridge leases that pets are not allowed in certain buildings in Ivybridge. If you love the apartmentin Ivybridge however your dog is not allowed to live with you then you have a very difficult compromise. Please note that where the lease has less than eighty years it will impact the salability of the property. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth finding out what this would cost. For most Ivybridgelease extensions you would be be obliged to have been the owner of the premises for two years in order to be eligible to carry out a lease extension.