I am the registered owner of a freehold residence in Lakenheath but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Lakenheath and has limited impact for conveyancing in Lakenheath 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 generation of fresh 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.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Lakenheath. Do I pick up the keys to the property on completion from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Lakenheath?
On the day of completion you will not be required to attend the conveyancers office in Lakenheath. Conveyancing lawyers for you will arrange to send the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you will be invited to pick up the keys from the selling Agents and start moving into the property. Usually this occurs between 1 and 3pm.
Does a directory service exist listing Bank of Ireland panel conveyancers in Lakenheath on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association websites. A small selection of lending institutions make their panel listings visible on the web. If you are looking for a Lakenheath lawyer on the Bank of Ireland please use our facility.
Our offer on a detached house in Lakenheath has been accepted, the owners do however have a dependent purchase. The vendors have put an offer on somewhere, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Lakenheath. What do I do now? At what stage do I apply for the mortgage with Co-operative?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then survey, Lakenheath conveyancing search costs, etc). First, you must ensure that your property lawyer is on the Co-operative conveyancing panel. Regarding the next steps this very much dictated by the specifics of your case, desire for the property and on the state of the market. During a rising market some buyers would apply for a home loan with Co-operative and pay for the valuation and only if it comes back ok would they pay their property lawyer to press on with searches.
I need some expedited conveyancing in Lakenheath as I have a deadline to sign on the dotted line within 3 weeks. Thankfully I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are are a cash buyer you have the choice not to have searches carried out although no lawyer would recommend that you don't. With plenty of history conveyancing in Lakenheath the following are examples of issues that can show up and therefore affect the marketability of the property: Enforcement Notices, Overdue Fees, Outstanding Grants, Railway Schemes,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Lakenheath?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Lakenheath. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Lakenheath with the aid of help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my solicitor about the side-deal as it could put at risk my loan with Platform Home Loans Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Do you have any advice for leasehold conveyancing in Lakenheath from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Lakenheath can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers. A minority of Lakenheath leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. Many freeholders or managing agents in Lakenheath charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Lakenheath. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Obtaining a re-issued share certificate can be a time consuming formality and slows down many a Lakenheath conveyancing transaction. If a new share is needed, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
Lakenheath Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
-
Make sure you discover if there is anything that is prohibited in the lease. For example it is very common in Lakenheath leases that pets are not permitted in in a block in Lakenheath. If you like the propertyin Lakenheath yet your dog is not allowed to make the move with you then you will be presented with a difficult determination. Plenty Lakenheath leasehold flats will have a service bill for the upkeep of the block set by the management company. Where you purchase the flat you will have to meet this amount, normally in instalments accross the year. This could be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay annual, normally this is not a significant amount, say around £25-£75 but you need to check as on occasion it can be prohibitively expensive. How many of the leaseholders are in arrears for their maintenance charge payments?