I am the registered owner of a freehold house in Leatherhead but nevertheless charged rent, why is this and what is this?
It is rare for properties in Leatherhead and has limited impact for conveyancing in Leatherhead 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 new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I am considering applying for a Kent Reliance mortgage for purchase of a new build (under development) in Leatherhead with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
How does conveyancing in Leatherhead differ for new build properties?
Most buyers of new build residence in Leatherhead approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Leatherhead tend to acquire the site, 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 accustomed to new build conveyancing in Leatherhead or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Leatherhead before appointing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders will refuse to grant a mortgage on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Leatherhead. Conveyancing will be smoother if you use a solicitor in Leatherhead especially if they are acquainted with such properties in Leatherhead.
Can you provide any top tips for leasehold conveyancing in Leatherhead from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Leatherhead can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers. Many freeholders or Management Companies in Leatherhead charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Leatherhead. If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Leatherhead leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the approvals in place do not communicate with the landlord without checking with your conveyancer first. If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Organising a replacement share certificate can be a lengthy process and slows down many a Leatherhead home move. Where a reissued share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later. Some Leatherhead leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
Leasehold Conveyancing in Leatherhead - A selection of Questions you should consider Prior to buying
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Are any of leasehold owners in dispute over their service charge liability? It would be sensible to discover if the the lease includes any adverse restrictions in the lease. For example some leases prohibit pets being allowed in certain buildings in Leatherhead. If you like the flatin Leatherhead yet your cat can’t make the move with you then you will be faced difficult compromise. Does the lease have onerous restrictions?
My parents are having difficulties in finding their Leatherhead land registry title on the website. They recall that 50 years ago when they purchased the property there were complications concerning Leatherhead not being recognised in some systems.
Nearly all premises in Leatherhead should show up. Have you endevoured to search with just the postcode. Ordinarily it will disclose all the houses and flats within that postcode. Assuming the property is recorded it will be there with a title number. If they bought back in the 60’s it's conceivable it may be not yet registered. The property could still be revealed but with the title number shown 'na'. In this scenario you will need to locate the original title deeds which might be with your parent’s lender.